Netflix has raised the prices of its basic and premium packages, in response to similar actions taken by Disney+. Amazon plans to introduce ads to its Prime Video service by 2024, giving subscribers the choice to pay extra for an ad-free experience. The trend towards changes in the price of online subscriptions continues, which means that the issue of saving money is becoming more pressing. There are several ways to help you maintain your subscription budget.
#1 Share Subscriptions
You can save money by sharing your streaming subscriptions within your household. Most services offer plans that allow you to switch and save without losing personalized features.
For instance, Spotify has a Premium Duo plan for £14.99 a month, which is perfect for two people in the same household. With this plan, you can save £83.88 a year compared to having two individual subscriptions. If you have a larger household, you can opt for the Premium Family plan for £17.99 a month. This plan allows up to six users to enjoy premium benefits and saves you a whopping £575.40 a year instead of having six individual subscriptions. Additionally, you can share your Amazon Prime benefits with another person in your household, which cuts the cost of maintaining two separate accounts in half.
#2 Eliminate Similar Services
Begin by taking stock of all of your subscribed services and identifying those that serve a similar purpose. To facilitate this task in the future, consider using the same payment method for all your digital subscriptions. By doing so, you can easily monitor your recurring payments in a single location.
So, after reviewing your subscription list, eliminate the one you use the least if you’re paying for services that overlap in functionality. For instance, if you subscribe to multiple note-taking apps such as Evernote and Ulysses, or project management tools like Asana and ClickUp, you can save money by selecting the one you utilize the most.
#3 See Prices in Another Region
Did you know that prices of goods can vary greatly in different regions of the world? The same is true with online services, including subscriptions to streaming platforms. To reduce your digital subscription costs, try to change the VPN location, if that doesn’t work, do it again. VeePN has 60 countries and 2500+ servers, so you can analyze different prices. Often the lowest prices are in poor countries.
#4 Take Advantage of Annual Subscriptions
If you enjoy a streaming site and are certain you won’t cancel it, consider purchasing the membership in one payment instead of monthly installations. For instance, Amazon Prime costs £8.99 per month or £95 for the entire year, which saves you £12.88.
#5 Go to Cheaper Plans
When choosing a subscription service, remember that a higher price doesn’t always mean better quality. Cheaper options can often offer better value for your money, so it’s important to research before committing.
Start by examining the features each subscription offers and determine which ones are most useful to you. Once you have identified your must-haves, narrow down your choices and compare prices between the remaining contenders.
If you’re on a tight budget or saving for more important expenses, opting for cheaper alternatives, especially for entertainment subscriptions, can be a highly effective strategy. You’ll be surprised at how many free video streaming services are available online.
#6 Stop Subscription, Perhaps Temporarily
Digital subscriptions are typically designed to offer hassle-free cancellation and reactivation options. Companies are aware that long-term commitments may discourage users, so you’ll find it relatively easy to take a break and resume your subscription after a month or six, depending on the service.
The manageability of this varies depending on the service. With most cloud storage providers, your files won’t be deleted when you stop paying, but you won’t be able to make changes or add new files. Note that exceptions may exist, so be sure to check the fine print. As for software subscriptions, you won’t regain access to the software until you renew your subscription.
You should also analyze the service’s pricing plans. It may be more profitable for you to buy a family tariff plan or pay for a subscription at some frequency, that is, not use it every month. All these approaches together provide good savings.