Simple Strategies to Save Big on Monthly Subscription Services
We’ve all been there — a streaming service, fitness app, or meal kit delivery you barely use keeps draining your bank account every month. But what if you could enjoy the same conveniences and entertainment while slashing those costs? Luckily, with a bit of know-how, you can trim down your subscription spending without feeling like you’re missing out. Let’s dive into some practical ways to save big on your subscriptions.
Thrifty Thinking: Did you know that Americans spend an average of $273 per month on subscription services? That adds up to over $3,000 annually! By making a few smart changes, you can keep more of that money in your pocket.
Audit Your Current Subscriptions
The first step to saving on subscriptions is knowing exactly what you’re paying for. You might be surprised at how many services you’re subscribed to, especially with all the “free trials” that sneak into paid plans. Whether it's TV streaming, cloud storage, or even those workout apps, you need to get a handle on everything you're paying for.
How to audit your subscriptions:
- Start by reviewing your credit card statements and bank transactions.
- Make a list of all recurring payments and the monthly cost for each.
- Identify any subscriptions you don’t use regularly and consider canceling them immediately.
Once you see everything laid out, you’ll be in a much better position to decide what stays and what goes.
Sharing is Caring: Family and Group Plans
Why pay for a subscription by yourself when you could split the cost with others? Many services offer family or group plans where multiple users can share an account at a fraction of the price. For example, streaming giants like Netflix and Spotify allow multiple profiles under one plan, making it easy to share costs with family or friends.
Not only does this lower the price per person, but it also lets everyone enjoy premium features. Just make sure to set clear expectations with your group about payment schedules!
Timing is Everything: Annual vs. Monthly Plans
Another simple way to save on subscriptions is by choosing annual payment plans instead of monthly ones. Most services offer a discount if you pay upfront for the year. While the initial cost is higher, you often save anywhere from 10% to 30% in the long run.
For example, a service that costs $10 per month might offer a yearly plan for $100, which means you’re saving $20 over 12 months. If it's a service you know you'll be using consistently, opting for the annual plan could be a smart move.
Bundle Up: Combining Services for Discounts
Bundling isn’t just for cable anymore! Many companies offer discounts if you combine their services. For example, Disney offers a bundle that includes Disney+, Hulu, and ESPN+ for a lower rate than if you subscribed to each separately. Similarly, Amazon Prime includes video streaming, music, and free shipping all in one subscription.
When looking for new subscriptions, see if you can bundle them with others. Not only will it simplify your payments, but it could also significantly reduce your overall costs.
Student and Senior Discounts
If you’re a student or a senior, many companies have discounts just for you. Spotify, Amazon Prime, and Apple Music offer steeply discounted rates for students, while AARP members often get special deals on streaming services and more.
Make sure you ask about available discounts before signing up for any service, and always take advantage of those student or senior perks if they apply to you!
Rotate Your Subscriptions
Here’s a tip that’s becoming increasingly popular: subscription rotation. Rather than paying for multiple services every month, try rotating between them based on what you’re currently enjoying.
For example, you might subscribe to Netflix for a month to binge-watch a few series, cancel it, and then switch to HBO Max for a new set of shows. This way, you’re only paying for one or two subscriptions at a time, but still getting to enjoy all the content you want throughout the year.
Just make sure to set reminders to cancel the subscriptions you’re pausing!
Negotiate and Ask for Retention Offers
You’d be surprised at how many subscription services are willing to give you a discount to keep your business. If you’re thinking about canceling, try contacting customer service first and ask for a retention offer.
Many companies are willing to throw in a discount or even free months just to keep you as a subscriber. A quick phone call or chat could end up saving you a lot over time. It never hurts to ask!
Use Cashback and Rewards Programs
Why not get something back when you’re spending money? Many credit cards offer cashback or rewards points when you pay for subscription services. For example, some cards offer 1% to 5% cashback on streaming services, which can add up over the course of a year.
Also, make sure to check if your credit card has any special deals or offers on subscription services. Some cards even offer free months of certain services just for signing up.
"Some credit cards offer bonus cashback not only on streaming services but also on categories like dining and grocery shopping, allowing you to stack rewards across multiple spending areas."
Free Alternatives
Before committing to a paid subscription, check if there’s a free alternative available. For example, YouTube offers a wealth of free content, from music to fitness classes, and many newspapers and magazines have free or limited-access versions of their paid content.
If you’re using a service only occasionally, a free alternative might be all you need. Keep an eye out for apps or services that offer free tiers with ads — you might find that the slight inconvenience of ads is worth the savings!
Use Gift Cards and Prepaid Options
Another clever way to save on subscription costs is by using discounted gift cards or prepaid options. Websites like Raise or Gift Card Granny offer discounted gift cards for various services, allowing you to pay less than the face value for your subscription. For instance, you can buy a $50 Netflix gift card for $45, essentially giving you a 10% discount on your streaming service.
You can also look for prepaid options that allow you to pay for a few months or even a year in advance at a discounted rate. Not only does this let you lock in a lower price, but it also helps avoid price increases during your subscription period.
Take Advantage of Trial Periods
Trial periods can be your best friend when it comes to saving money on subscriptions. Many services offer free trial periods ranging from a week to a month, allowing you to test the waters without committing to a paid plan. Make sure to note the end date of the trial to avoid unexpected charges. By strategically using these trials, you can enjoy premium content for free. Remember to cancel before the trial ends if you decide not to continue with the subscription. This approach not only helps you enjoy various services but also keeps your spending in check.
- Set Reminders: Use your phone or a calendar app to set reminders a few days before the trial period ends. This helps you avoid unwanted charges by giving you time to decide if you want to continue or cancel the subscription.
- Try Before You Buy: Utilize trial periods to explore different services and determine which ones you truly enjoy or need. This way, you can make informed decisions about which subscriptions are worth investing in long-term.
- Create a Trial Rotation Plan: Keep track of different services offering trials and plan a rotation schedule. This allows you to enjoy various subscriptions without paying, ensuring you have continuous access to content without overlapping costs.
Pause Instead of Canceling
Many subscription services offer a "pause" feature, allowing you to temporarily suspend your membership without fully canceling it. This option is perfect if you know you’ll be too busy to use a service for a month or two but want to return to it later without losing your data or settings.
For example, some gym memberships or streaming services let you freeze your account for a specific time, so you don’t have to go through the hassle of reactivating and setting up your preferences all over again. This is an ideal way to save money when life gets busy or if you need a break from using the service.
Keep More Cash
Subscriptions have become a big part of our daily lives, from entertainment and fitness to productivity tools. But that doesn’t mean you need to break the bank to enjoy them. By auditing your current subscriptions, sharing with family and friends, and taking advantage of discounts and deals, you can keep your costs low while still enjoying the perks.
Remember, saving money doesn’t have to mean sacrificing the things you love. With a bit of strategy and these thrifty tips, you’ll be well on your way to trimming your subscription costs and enjoying more value for your money. Happy saving!
