Cancelling your cable TV subscription, or cutting the cord, is a great way to take control of your media consumption and save cash. There are so many ways to view your favorite shows and movies now. If you don't mind waiting a day to watch a show or a few months to view a movie, cord cutting is for you.

Here are some of the most popular streaming services:

Hulu

Hulu is a great way to stay current with your favorite television programs. The site is free to use, but a paid option exists as well. Hit shows and programs from NBC, ABC and FOX are available. CBS withholds the majority of their content, including all of Blue Bloods and the latest season of The Good Wife, and chooses to make the shows available on their own website. The free content expires after a certain date so you need to make sure you don't fall too far behind. Hulu also offers original programming and exclusive foreign titles.

Like the free service, the paid subscription model has ads. The ads can be tailored to your interests, but cannot be blocked. Hulu adapts to your ad choices and viewing habits. Hulu learns more about you over time and gives you spot on recommendations. The paid content streams, when available, in 720p resolution. The free model is strictly standard definition (480p).

Paid users who are fans of classic American and foreign films will no doubt find the included Criterion Collection appealing. Some Criterion DVDs sell for as much as $30 a piece. For just $7.99 a month Hulu is a steal. The online Criterion Collection doesn't include any special features.

Netflix

Netflix is the biggest name on this list by far. It's also the best way to watch a lot of kids shows, schlock B movies and specialty cable shows (Sons of Anarchy, Dexter etc.). In addition to online viewing you can also rent DVD and Blu-ray discs. Netflix is great because its plans are flexible and you can choose to be a DVD only customer, a streaming only customer or take part in both services.

Netflix is also always experimenting with new streaming technologies. When the Netflix Original Series House of Cards season two comes out in February, the company will allow the program to be played in 4K on select devices.

Netflix DVDs always seems to be scratched. There's hardly anything more frustrating than having a DVD skip over a pivotal moment or not play entirely. Newer release DVD and Blu-ray's may also not be available due to high demand. Thankfully plans are cheap and start at just $8/month.

Redbox Instant

These ubiquitous red boxes are scattered across strip malls, Wal-Marts and drug stores across the country and helped Netflix knockout Blockbuster's brick-and-mortar stores. Now Redbox offers a streaming media service to compete with Netflix. With Redbox Instant you get two monthly plan choices: a $6 streaming only plan and an $8 streaming plan with four kiosk rentals. The content streams in 720p where available. Depending on your proximity to a Redbox kiosk, this may be a better deal than Netflix. You wouldn't have to wait one business day to pick up your rental (if the machine is in stock of course). You can also rent games with Redbox and Redbox Instant.

There are some major downsides to Redbox Instant. Mainly a lot of times the newest games and movies are out of stock. Also, Redbox doesn't carry TV shows. And for some video game titles you need to rent two discs to play single player and multiplayer modes. Another annoying thing about Redbox is that when the touchscreens on the Kiosks stop functioning, the machine could be out of commission for days at a time. Redbox also offers no original programming at this point in time. Lastly, you only have 1 complimentary day for movie and game rentals with Redbox Instant. A lot of negatives for sure, but Redbox is the most convenient service around for picking up physical discs. Its streaming component is also ad free.

Prime Instant Video

Easily the biggest value on this list Prime Instant Video comes bundled with an Amazon Prime membership. Amazon Prime is a full-fledged loyalty program designed to help you get the most out of your money. For $79/year you get free shipping on millions of Amazon merchandise, access to 350 thousand Kindle books, and unlimited video streaming. Amazon Instant Video isn't the greatest streaming service, but it still has 41,000 movies and TV episodes to choose from. A major win for Amazon Instant Video, when compared to Hulu, is the lack of ads. But like Hulu and Redbox Instant, Amazon streams at up to 720p.

The downsides to Prime Instant Video service are that it's finicky with certain web plugins like Microsoft Silverlight. You won't be able to playback content until you get the issue resolved. Also, the media player isn't as refined as one would like.

If you don't shop on Amazon you may be hesitant to spend $79 bucks up front on a streaming service, but when you take into account the price per month it ends up being more affordable than Hulu, Netflix and some versions of Redbox instant.

Other Notable Services:

Vudu

You may be familiar with this service if you've ever bought a DVD or Blu-ray in Walmart before.

Fandor

You'll like Fandor if you are a fan of rare films, indie works and art house classics.