Money
Published on November 22, 2018 3:07 pm, by Pete Lalor
We’ve all been there. Signed up for some kind of product or service, provided our credit card details. Used it for a short while and then lost interest, but never gone back and cancelled the subscription.
They might be small amounts, but they all add up, and over the long term they can add up to a lot.
Continuing to pay for the streaming service you sign up to but can’t be bothered cancelling can cost you big in the long term. To help you appreciate just how much it can cost you we’ve estimated the “opportunity cost” of continuing to pay for these services rather than using the money to pay off your mortgage or contributing it to your superannuation fund.
We’ve also compiled some tips on cancelling the different Pay TV and streaming services.
Pay TV and streaming services
| Services | Subscription | Opportunity cost* | How to cancel |
|---|---|---|---|
| Foxtel | $25 - $139 per month | Up to $71,000 in mortgage costs or $200,000 in superannuation | Foxtel TV - call Foxtel on 131999 and ask to be disconnected Foxtel Now - go to www.foxtel.com.au/now/my-account.html login to your account and click the Deactivate button |
| Netflix | $9.99 - $17.99 per month | Up to $9,000 in mortgage costs or $26,000 in superannuation | Login to your account at www.netflix.com select Account and then Cancel membership |
| Stan | $10 - $15 per month | Up to $8,000 in mortgage costs or $21,000 in superannuation | Login to your Stan account at www.stan.com.au select Manage Account and then Cancel my subscription |
| Fetch TV | Up to $20 per month | Up to $10,000 in mortgage costs or $28,000 in superannuation | Login to your Fetch TV account at www.fetchtv.com.au select Account and then Cancel |
| Optus TV | $15 - $20 per month (based on Fetch TV) | Up to $10,000 in mortgage costs or $28,000 in superannuation | As for Fetch TV |
| Austar | $25 - $139 per month (based on Foxtel) | Up to $71,000 in mortgage costs or $200,000 in superannuation | As for Foxtel |
| Amazon Video | $4.99 per month (includes music and reading) | Up to $3,000 in mortgage costs or $7,000 in superannuation | Login to your Amazon account at www.amazon.com.au then Your Account and then Your Prime Video |
| Youtube Premium | $14.99 per month | Up to $8,000 in mortgage costs or $21,000 in superannuation | If you signed up on the Youtube website go to www.youtube.com.au/premium If you subscribed through the iOS app you have to cancel your subscription from the Subscriptions screen in the iOS App Store |
| Hayu | $6.99 per month | Up to $4,000 in mortgage costs or $10,000 in superannuation | Login to Hayu at www.hayu.com or manage your subscription the the iOS App Store or Google Play Store |
| * Opportunity costs are calculated using a 25 year mortgage with an interest rate of 4% and a superannuation fund earning 6% over a 35 year period | |||
This summary has been prepared by MoneyBrilliant Pty Ltd (AFSL 492711, ACL 493068). The information in this summary is of a factual nature only. We are not suggesting or recommending that you take any particular course of action in relation to any financial product or service. It does not take into account your personal circumstances or objectives. If you need financial advice you should seek advice from a licensed financial adviser.
Peter is the CEO of MoneyBrilliant. He has over 20 years experience in banking, insurance and accounting. Peter has three sons, ranging in age from 16 to 3, is a sport and fitness fanatic and a volunteer firefighter. He is passionate about improving people's lives through making financial services more accessible.