Money

Our guide to cancelling Pay TV and streaming services

Published on November 22, 2018 3:07 pm, by

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

ServicesSubscriptionOpportunity 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 monthUp 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 monthUp 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 TVUp to $20 per monthUp 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 monthUp 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 monthUp 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.

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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.

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