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Cutting the cord is easy right?
Cutting the cord can potentially save consumers a lot of money. Then, why don’t more people cut the cord?
Many factors can make you reliant on cable. For example, it may be cheaper to keep your current cable subscription. Or, perhaps you are attached to your favorite shows and don’t want to lose them. Whatever the reason, it may be difficult for you to cut the cord.
But let’s say you’re ready to make the switch. Do you cancel your cable today and start saving money? Of course not.
If you are going to cut the cord, you need a plan.
A comprehensive plan will save you time and money. More importantly, it will save you headaches.
Consider the following guide to cutting the cord.
Save Money With Cable
The main reason people cut the cord is to save money. Otherwise, people would stick with their cable subscription.
So, before making the change, calculate the cost you currently pay for cable. Then, compare this with the alternative plan. Once you’ve determined you will save money by cord-cutting, decide what services you need.
If you find that you will only save a few bucks by cutting the cord, then it makes sense to keep your current cable plan.
Consider calling your cable provider and negotiating for a lower price. If you are not an experienced negotiator, you can use Trimm or BillFixers to negotiate bills on your behalf. The goal is to pay the lowest possible price for the highest quality service.
Choose to Break Up With Cable
So, you’ve crunched the numbers and realized it makes sense to cut the cord.
Good.
Your cable provider will attempt to offer you a discount. Be strong, and don’t budge on any offer.
But don’t cut the cord just yet. Most companies won’t let you off the hook easily. Expect to pay $0-$500 in early termination fees.
However, this doesn’t mean you’ll have to pay the entire balance. Sometimes you can negotiate a lower cost.
Planning Is Your Secret to Saving
Abraham Lincoln famously said, “Give me six hours to chop down a tree, and I will spend the first four sharpening the axe.”
You are already ahead of most people who cut the cord without proper planning.
Even if these people managed to save money, they most likely didn’t choose the cheapest option.
Watch TV on a Better Alternative
Today, viewers have several ways to watch their favorite shows.
First, determine which channels you watch the most. Are you a sports fanatic? Are you a movie buff?
If you don’t watch sports often, but instead enjoy popular stations, then an antenna may be the right option for you. But if you enjoy watching movies and shows on demand, then a streaming service will be the right choice.
Here is a popular antenna option:
- Channel Master Antenna (with 50+ mile range)
An antenna is a good option for replacing your cable.
With this service, you only pay a one-time fee to watch your favorite shows. But if you choose this option, I recommend purchasing a quality antenna with a long range. Otherwise, you’ll get poor reception and limit yourself to what you’ll be able to watch.
Here are popular streaming options:
Sling TV
Sling TV is the closest thing you’ll find to real TV. Sling TV streams many popular shows and includes a cloud DVR option. However, the drawback is that Sling TV only allows you to stream using one device at a time — unless you purchase the premium service.
Netflix
Netflix is a popular option for watching your favorite shows and movies. However, the drawback is that Netflix does not offer local channels.
Hulu
With Hulu, you get the best of both worlds. You get access to your favorite shows and movies. Hulu offers a live TV package. This package includes your favorite sports and entertainment channels.
If you search online, you’ll find dozens of streaming options. But remember to keep it simple, and don’t pick more than one service. For example, if you choose to add Netflix, then don’t add Hulu and Amazon Prime. This selective method of choosing channels will enable you to save money. You may even end up with more stations and shows!
Research to see which option suits your needs and your budget.
Choose the Internet Speed That Fits Your Needs
If you’ve installed an antenna, your internet speed won’t matter as much.
But if you’re streaming videos daily, you will want a faster internet speed.
Once you know what internet speed you need, factor this into your total annual cost.
Start Slow and Steady
I bet you already know how to cut your cable subscription.
The problem is that you haven’t taken action. The thought of cutting the cable sounds too good to be true. Plus, life gets in the way, and you settle for paying the cost. Rather than paying more (by procrastinating), start taking small steps toward your goal.
By taking small steps, you will eventually reach your goal. Research shows that you’ll get more things done when you don’t feel overwhelmed or anxious.
So start small.
As suggested above, begin the process by calculating how much you pay for cable each year. Then at the end of the week, write down how much your new service will cost. Continue taking small steps until you’ve finished cutting the cable.
Watch Less to Grow More
Cutting cable is an excellent way to save money. It is also an opportunity to invest more in your future.
Americans spend an average of 2 to 5 hours watching TV each day. If you are happy with your life (and the way you spend your days), this is time well spent. However, if you are unhappy, perhaps it’s time to start making better use of your time (and your life).
Some alternatives to your free time are
- Reading
- Listening to podcasts
- Taking courses
- Networking at social events
- Starting a side hustle
You could also use television viewing as a reward for hard work. For example, after spending two hours writing, watch 15–30 minutes of your favorite show.
Save Money and Adopt Wealth-Building Habits
The truth is that cutting the cord isn’t complicated. Yet, many fail to make the change.
What if I told you that I’d give you $500 today? Would you take this money? I bet you would.
That’s the average amount consumers save each year by cutting the cord.
Cutting the cord is primarily about saving money; however, it’s also about giving you more time to be productive.
Cutting the cord is one of many opportunities you have to save money. Every little bit adds up. It’s easy to look at wealthy people and fantasize about how lucky they are to be in their position.
Financial success starts by building healthy habits. So, go ahead and decide if cutting cable is right for you. Saving $500 may be your first step toward financial freedom.
