Let me discuss how it works for me. For a land line (I still have one because my home has no wireless signal), cable television, and internet, I pay close to $200 a month to Comcast. They way Comcast bundles these services, the prices are a mess and very confusing, plus with all the promotions and all, what you maybe offered maybe different from what others get. Now we definitely need the Internet access and land line (at least till a wireless phone company installs a tower to bring signal to our area) but the cable television is a luxury. My wife rarely watches TV and even when I watch, like most people, I stick to a few channels. However, if I completely disconnect the cable, the savings will be about $50 a month. If I downgrade the savings will be about $15 per month. However, I like watching HD television and I really enjoy watching my movies in high definition, an experience that you don't get with Netflix. And since I can afford this, it is fine for me to keep things the way they are.
How about you? Are you in such dire straits financially that you would be better off saving those fifty bucks? Go right ahead. However, if you will end up spending money on Netflix or paying for movies in other ways, maybe you have not saved a lot of money, but lost the convenience of being able to watch hundreds of channels. In other words, you really need to address this as a lifestyle and personal finance question and then decide if cutting off the cable will actually save you any meaningful money.