wealthclub-01banner_style_color_with_white_background.jpg

Thinking about #CuttingTheCord?

Posted by Steve Grasso on Jun 28, 2016 3:28:21 PM

 

 

I cannot remember a time in my life when I didn't have cable TV in my house. Whether I was watching Ghostbusters (HUGE old school fan, still unsure how I feel about this) on the 6000lb 42'' tube that even Goldberg wouldn't have been able to get out of our living room as a kid, or seeing HD for the first time when NBC aired the 2004 Olympics through the DSL screen that my buddy got in college, I have always been loyal to my cable TV. In college we were subscribers to good-old Time Warner, as it was simple to pay the internet and the cable bills as one (why are they still using the bundle as a selling point to sell landlines?), regardless of how bad their customer service was (is). Nevermind the fact that we were splitting a bill of over $200/month. I continued on the same cycle with TW as I moved around, mostly out of familiarity.

A few years back, I decided to switch over to satellite with DirecTV because they offered a ton of discounts and rebates for the first 12-24 months as a customer. Those first two years were great; we had all the exclusive channels, the Sunday Ticket, and much better customer service. But as those discounts started falling off, the bill started creeping up. We've carefully molded our service to fit our needs and have the monthly bill at a modest $125/month (typing it in a blog it seems more excessive). We are officially at the end of our term with DirecTV, and although I have been more than pleased with their service, it's time to explore other options. With the goal of cutting cost (and sticking it to the cable providers who have mercilously rear-ended customers for years, I've compiled some things to think about if you're making this decision as well. Here's five discussion points when trying figure out if #CuttingtheCord is the right choice for you and your family. 

Five Talking Points on Cutting the Cord:

1. For starters, find out if you are in a contract with your current provider. It would be a damn shame to get all ready to make the switch only to find out you have 8 months of bills left to pay.

2. Have a sit down with the fam and find out what are the must-haves. Do you have kids? Figure out what shows they LOVE - and also remember, as they grow up, their tastes will change. My son, who dressed as Spongebob last year for Halloween, now refuses to watch the show. He does however, DVR every show on CN, and even knows he has to turn it off when the adult shows come on. My wife and I are not big movie people and I honestly can't think of a series we've watched since Entourage and this guy were on. The Bachelorette is appointment TV for her, and for me, it's basically live sports. In event we do watch a movie or sitcom, it's likely one we've seen before, and I'll be asleep before it's over #gettingold.

3. Research the hardware. Here's a great video that discusses the top available options. Personally, I am considering the Roku 4, the Amazon Fire Stick and, being that my family is very Apple-based, the newly-released AppleTV. Next week, I'll get a little more in-depth on what each one provides. In this case, value is going to be dependent upon what your family needs. It's also pretty much a no-brainer to go grab one of these for local stations. Little known fact: a through-the-air picture is still the highest definition available. You'll also grab more stations than you think. 

4. Get familiar with the services. Hulu, Netflix, and Amazon Prime Video are all subscription services that provide your sitcoms, movies, and original programing. Again, value lies with the beholder here. While these services might be must-haves for some families, they probably would be wasted on us as we don't really watch those types of shows. On the other hand, a service like SlingTV would be a guaranteed addition to our line-up being that they offer ESPN and Fox Sports Channels, along with other options that would make the kid happy. Then of course there are al a carte services available such as HBO NOW, Showtime Anytime, and even CBS All Access if you want the country's largest network.

5. Do a cost analysis. You have to buy your equipment up front, but once you have it, it's yours forever. Think about how many devices you want to support. We're all used to having a cable box in the living room, bedroom, on the patio, etc. Remember that if you want to utilize multiple screens at the same time, you'll need multiple streaming devices. Then add in your monthly subscription fees. When comparing, I would suggest looking at it annually rather than monthly; obviously it's going to be more expensive on the front end, but you'll want to average out your cost over the course of the year to figure out which will be more cost effective in the long run. Here's a sample calculator tool to get you started.

If you like what you've read and want to see more from the world of Wealth Club, click the button below and give us a follow.

Preview the Club

Topics: technology, millenial, budgeting