If you’re serious about paying off debt and building up your savings, it may be time to consider cutting the cable cord.

You’d be part of a growing trend.

In 2007, just 2 million American TV households didn’t pay for some kind of cable, satellite or phone-based television service. Six short years later, that number more than doubled to 5 million households…and growing.

Meanwhile, the cable providers are losing ground as more families give the remote control a rest and choose to watch their favorite shows via less expensive avenues. This may seem surprising, given that the rise of the 200-channel cable provider practically made channel-surfing an Olympic sport, but all of that variety comes with a hefty price tag.

According to FCC data released last summer, the average American paid $61.63 a month for cable TV in 2012. That was 5 percent more than 2011’s average price. In fact, from 1995 to 2012, the cost of cable jumped about 6 percent a year—more than doubling the rate of the Consumer Price Index during the same time period.

By ditching cable for one or more of the less expensive options below, you could save $700 a year or more. Yes, you may miss one or two of those 200 channels (most of which you don’t even watch), but think about it: is your favorite reality show worth 700 bucks?

Take Advantage of Free Online Streaming

A growing number of networks are offering their programs online for free. PBS, for example, offers full episodes of many of its most popular BBC shows on its website 24/7. The commercials are shorter, you can hit the pause button while you grab a snack, and it’s possible to catch up on multiple episodes in one sitting.

Use a Web-Based Service and Save a Bundle

Web streaming services are gaining subscribers because they offer many of the same shows as cable providers for a fraction of the cost. Netflix and Hulu both cost less than $10 a month (plus the cost of internet service). If you already pay for internet, a 12-month subscription to Hulu will cost you $95.88. Compare that with the average monthly cost of cable, which will run up a $739.56 bill over the course of a year. Going web-based adds up to a savings of more than $643.

Buy a (Cheap) Digital Antenna

If you just can’t live without your favorite local news channel, consider buying a digital antenna and watching your basic over-the-air channels for free. These are not your grandmother’s rabbit ears. The latest digital antennae are sleek, flat and inexpensive. The cheapest ones start at about $10 and allow you to watch many channels in HD. A slightly fancier model will set you back about 30 bucks. Several years’ worth of free TV for half the price of just one month of cable? Not too shabby.