We all love our streaming services. It might have started with just one, but as more are created, and you add shows to your must-see list, you shell out more and more each month to keep up your entertainment.
But have you stopped to think about how much they cost you and if paying for these services could be costing you some valuable years of retirement?
Let’s do some math.
In this example, let’s estimate that every household pays for three streaming services every month. At approximately $7 for each service, that comes out to $21 a month, or $252 for the whole year. If you only keep those streaming services (unlikely) and the prices never increase (even more unlikely), your total will be $3780 over the next 15 years.
For most people, $3780 over 15 years isn’t that much money, and not saving that specific amount probably won’t be the difference between being able to retire and having to keep working.
But imagine if you did something else with that money. What if you took the money you’re spending on some of your streaming services and put it in a savings account or invest it. You could put that same yearly $252 into an investment account and make it work for you instead of the other way around.
We aren’t saying that you should never pay for entertainment. Just suggesting you consider taking some of the funds you use on your streaming services and putting them to better use for your future.
If you’d like to review your budget and strategy, let’s find some time to meet so we can discuss further.
This communication is designed to provide accurate and authoritative information on the subjects covered. It is not however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.
All investing involves risk, including the possible loss of principal. There is no assurance that any investment strategy will be successful.
Are Your Streaming Services Keeping You from Saving?
March 17, 2021