Subscriptions have increasingly become a part of modern life. It's not just about newspapers and magazines anymore. Now it's streaming services, apps, podcasts, online publications, meal services, and even consumer packaged goods. It can be difficult to keep up with all the things you're subscribed to, and the money can add up. Chances are you're subscribed to some things you no longer need to be, so let's look at seven ways to cut down on the subscriptions you're paying for.
1. Figure Out Everything That You're Subscribed To
Start by identifying all of the products and services that you're subscribed to. Look through all the apps installed on your phone, check your bank statement and find all recurring charges. List them all out, evaluate the ones you're actively using, and then decide if each one is adding value to your life and if it's worth what you're paying over time. There are likely some you've barely used recently, so consider canceling these. It's a good idea to repeat this process every so often as your preferences might change.
2. Look for Bundling Opportunities
Look for opportunities to bundle different services that you use together for a discounted price. Quite a few streaming services are available this way, for example. Review the services you're subscribed to and determine if any of them are available as part of bundle packages. Avoid bundling services you don't need just because they're available at a discounted price. Make sure any bundles you subscribe to are aligned with what you will actually use and enjoy. Otherwise, you'll be finding something to cross off the list next time you review it.
3. Look Out for Discounted Membership Prices
Even beyond bundles, streaming services frequently offer discounts to new members for a limited time. This can be the ideal time to try a service you're curious about or one that has a show or movie that you've been interested in.
"Streaming services often run special promotions or offer discounts to new users or those who haven't subscribed in a while, notes John Awa-abuon at Make Use Of.* "For instance, HBO Max sometimes offers extended free trials or discounted rates for the first few months. Apple TV+ often gives new users a few months for free when they buy new Apple devices. If you're flexible about when you sign up, you can time your subscriptions around these deals. Keep an eye out for seasonal sales or check coupon sites for codes that can give you a price break. Some services also provide student discounts, so if you're eligible, take advantage of those savings too."
4. Consider Annual Subscriptions
Some subscription services offer options between paying monthly or annually. In most cases, the annual plan will save you money overall. It's worth it for the provider to keep you around for longer, so they're willing to charge less. If there are subscriptions you plan to use for the long term, it may be worth it to go with the annual plan. If you're unsure whether you'll use it for a year, you might be better off sticking with the more flexible monthly plan. Before making the year-long commitment, be sure it's a service you really want for the full year.
5. Try Ad-Supported Tiers
Some streaming services also offer multiple tiers of membership. Some have less expensive, ad-supported options.
"Not long ago, streaming services offered just one pricing option," says Consumer Reports.** "Now, many companies have added cheaper, "ad-supported" plans, where the shows come with commercials. That’s a good way to save money, especially when streaming services raise their prices.”
6. Remember, You Can Always Resubscribe
Don't forget, you can always cancel a subscription and start it again in the future if you change your mind. You can save a good amount of money quickly if you cancel a bunch of subscriptions at the same time. Then, as time goes on, you can resubscribe to the ones that you miss the most. It's usually easy to cancel and restart without much disruption. Some may even keep their preferences and personalized lists intact for the next time.
7. Avoid Impulse Subscriptions
Don't subscribe to services on impulse. Sometimes marketing or offers can be tempting, especially when they create a sense of urgency. They're trying everything they can to increase their subscribers, so it's understandable. That doesn't mean you have to go for it. If you're looking to cut down on your subscriptions, it's not a good idea to add more unless they really have something you're after. If you're unsure, try waiting a day or two and then decide. The initial appeal may wear off.
It's a new year, so it's a good time to start looking at new ways to save money. Going through your subscriptions is a great place to start. Keep the above tips in mind, and you can likely save a significant amount of money each month this year.
* https://www.makeuseof.com/how-save-money-streaming-subscriptions/