Last year, American families spent $23.3 billion on entertainment in the home. This was a rise of more than 11% compared to the previous year and was a record-figure, according to The Digital Entertainment Group. And while keeping your kids occupied at home is an important goal for any parent, you’ll be pleased to hear that it can be done on a budget.
Rent rather than buy
American consumers are spending more money on purchasing digital content than renting it. In 2018, the country spent $2.46 billion buying movies and television shows, whereas just $2.09 billion was spent on streamed content. However, you can save a small fortune by renting or streaming content instead of buying it. For example, one of Disney’s newest movies, Ralph Breaks the Internet, can be digitally rented from Amazon Prime for just $5.99, whereas it costs $14.99 to purchase it.
Buy second-hand devices
There’s no denying that kids love games consoles, tablets, televisions, and electronic e-readers. However, these appliances are costing Americans $1 trillion every year, according to the Consumer Electronics Association. Rather than buying brand new devices, such as a PS4 at $299, opt for a second hand one, which can be bought from online marketplaces for half the price. It’s also wise to safeguard your household appliances and family’s gadgets. By doing this, the cost of repairs or a replacement item will be given to you, meaning your family will have access to their favorite entertainment at all times.
Switch to a streaming TV service
If you’re tempted to add a new package to your cable TV setup to keep your little ones occupied during the school break, then you should think again. The average family currently spends $107 per month on their cable TV, according to Fortune. Instead of paying such a substantial amount each month, consider joining the 33 million Americans who have ditched cable TV altogether and opt for a streaming TV service. The likes of Netflix and Hulu are budget-friendly and offer plenty of child-friendly and family content for less than $13 per month.
U.S. families are increasingly spending big money on entertainment within the home. But there’s no need to spend anywhere near as much as the national average if you rent rather than buy content, purchase used appliances, and switch to a TV streaming service.