Good Chord: Why Are You Still Overspending On Cable?

Cable companies can’t quite seem to see the writing on the wall.

Well, let’s just call it “streaming” on the wall, instead.

Lower cost alternatives to cable have started to flood the marketplace and the larger entities are starting to get worried, even if they’re not letting it on at the moment.

But streaming services and better offers from competitors like satellite dish companies are nothing to overlook, given price point and comparable channels and entertainment but without extra fees or continually raised prices.

The largest cable company, Comcast, announced that they'd be raising prices again, so that might be enough to tip the scales even more in favor of other ways to get movies and television shows at your fingertips.

Now, Comcast still offers the internet, so even if you downgrade to just that you’ll still be on the hook for $50 or more, but that pales in comparison to hanging on to that service and going to your television from a completely different perspective.

And with that, the question begs: why are you still spending on traditional cable service?

Saving money is of the utmost importance, and if you’re not constantly checking your budget and figuring out how to save, you should be. Doing that on a regular basis is going to lead you to a larger than life bill on that list: cable television.

The average cable bill is around $200, which equates to about $2,500 per year. A lot of that is rental charges for equipment, which some satellite companies don’t include and thus make for a better option.

And while some argue that the price is based on internet and cable television, you have to look at the price tag and consider value and usage. Roughly 70 percent of those who have cable say they only watch a handful of channels, so conventional thinking should lead you to the fact that you’re overpaying badly for what you partake in regularly.

If saving money indeed is a priority, cut the cord and piecemeal together a better plan. A $50 internet charge and paying $10 per month to stream and maybe another $20 or $30 for specific network that have their own “channel” that comes in the form of an app that allows you to watch live TV (something that is becoming more common), and you’ll easily cut your bill in half and have an extra $1,000 or more in the bank every year, something that can be put toward retirement or paying off debt.

And not toward a service that you’re spending far too much of your money on every month.