Thanks to the COVID-19 lockdowns, you probably spend a significant portion of your monthly budget on subscriptions like Spotify, Netflix, Disney+, Xbox Game Pass, and who knows how many others. Trying new things during the lockdowns likely contributed to this excessive spending. However, the costs can quickly accumulate with the abundance of services available today. To save money on your digital subscriptions, consider these helpful tips.
1. Avoid similar services
Spending a few dollars here and there may not seem significant at first glance. However, when considering the cumulative cost of subscriptions throughout the year, it can quickly accumulate and harm your financial stability. To address this issue, it is crucial to eliminate unnecessary online subscriptions and manage your digital services more efficiently.
Begin by assessing your current subscriptions and identifying those with similar functionalities. Simplify your payment process by using a single payment method for all digital subscriptions. This will enable you to conveniently monitor and manage your recurring expenses in one centralized location.
After evaluating your subscription list, prioritize the services you utilize the most and cancel those with overlapping features. For instance, if you are paying for multiple note-taking apps like Evernote and Ulysses, or project management tools such as Asana and ClickUp, choose the one that best suits your needs to save money.
2. Find a region with cheaper subscriptions
To save money, you can try to choose a region with lower prices. Subscription prices vary greatly by region. You can change Netflix region to Argentina and subscribe for $3.59. In Australia, a subscription will cost $7.49. With VeePN you can change your server by simply connecting to a remote server. Even a free trial version of the VPN is enough. But keep in mind that content may also vary greatly from country to country.
3. Share your subscriptions
One of the quickest ways to save money is by sharing streaming subscriptions within your household. Many services offer plans that can help you save without sacrificing personalized features.
For instance, Spotify offers a Premium Duo plan at £14.99 per month, perfect for two individuals in the same household. This option allows you to save £83.88 a year compared to the cost of two separate subscriptions.
If you have a larger household, you can opt for the Premium Family plan at £17.99 per month. This plan provides premium benefits to up to six users, resulting in a substantial annual savings of £575.40 compared to six individual subscriptions.
4. Maybe the free trial version will be enough for you
To save money on online subscription services, take advantage of free trials. This allows you to test the features and benefits of different apps without committing long-term. Some of the top streaming services, like Hulu and Amazon Prime Video, offer free trials, ranging from one week to an entire month. This means you can enjoy your favorite shows for several months without spending a penny, just by rotating between different services.
However, remember to set up a reminder to cancel your subscription before the trial period ends. Using VPN free Chrome extension you can upgrade your trial period. Otherwise, you will be automatically charged for the service. Stay proactive and avoid unnecessary charges by managing your subscriptions effectively.
5. Choose group and family plans
Paying for a couple of online subscriptions may not appear significant, but when you consider the accumulation of various services over a substantial period, the costs can quickly become overwhelming.
Fortunately, several premium subscriptions offer group and family plans, enabling substantial long-term savings. If you have a large family or cohabitate with roommates, you can optimize these group plans to reduce expenses on your subscriptions.
For instance, Netflix provides a premium plan allowing up to four users to simultaneously enjoy movies and TV shows, while its standard plan permits two devices to stream content concurrently.
6. Downgrade your plan
Save money by switching to a more affordable plan. Take Netflix, for instance, which offers three plans for new customers: Basic with adverts (£4.99), Standard (£10.99), and Premium (£15.99). The Basic plan lets you watch on one screen at a time, making it perfect if you live alone and don’t share your account. It would save you £72 a year, but you’ll endure four to five minutes of adverts per hour and won’t be able to download titles. Another option is Amazon Prime’s Prime Video membership at £5.99 a month. While it doesn’t include other benefits like free premium delivery, it’s great for streaming shows. Switching to this plan would save you £36 a year.
In today’s saturated market of subscription services, it becomes harder to justify spending money on unnecessary online subscriptions. Some of these digital subscriptions might consume a substantial portion of your income, limiting your ability to save. It is crucial to be mindful of your spending, particularly on non-essential items, as every dollar holds significance. You can utilize the aforementioned strategies to economize on your online subscriptions.