With the cost of living rising, many consumers are looking for ways to cut back and improve their financial situation.
One way to do this is by reducing subscription payments. In 2021, global subscriptions surged, reaching 1.3 billion subscribers and a revenue of approximately $99.7bn.
If you want to save money, here are ten ways to cut back on your subscriptions without missing out on your favorite services:
1. Pay your bill annually
One way to save money on your subscriptions is to pay your bill annually, as this usually works out cheaper in the long run – even if it costs more upfront.
2. Compare prices
Always do your research before signing up for a streaming service. Sometimes there’s a cheaper (or even a free) alternative available.
3. Share subscriptions with friends and family
You can save money by sharing your streaming services with friends or family members. Most companies will require a different plan or package for this, but it’s normally still cheaper.
4. Make the most of free trials
Most streaming services offer free trials. These can vary from a few weeks to several months. This means you can use the services for free in the meantime. Just remember to cancel them!
5. Look for discount codes
You can get discount codes for some services, so it’s always worth checking first. Discount sites like Honey will automatically search for codes to get you the best price.
6. Use Cashback offers
Another way to save money is with cashback sites or cashback cards. You can get a percentage or a fixed amount back on some of your subscriptions this way.
7. Rotate your subscriptions
You can also cut costs by rotating between services. For example, if you use Netflix and Disney+, try using one for three months and then switching to the other for three months.
8. Use the temporary pause feature
Some services have a temporary pause feature. If not using the account that much, you can put it on hold without being charged for up to three months, depending on the company.
9. Downgrade your plan
If you don’t need all the features you currently have, downgrading can save you money. Switching to a more basic plan means you’re not paying for things you don’t really need.
10. Consider canceling some subscriptions
Lastly, make sure you check all the subscriptions you have and consider canceling any you don’t use. You should also check if they’re good value for money – if you don’t use the service that often, sometimes pay as you go works out cheaper.