Are you looking for excellent ways to save money on subscriptions? From entertainment to news to fitness, money management, and shopping services, digital subscriptions are part of everyday spending. However, these subscriptions can quickly get out of hand; before you know it, they are taking a huge chunk of your paycheck.
Considering the current high inflation rate, dealing with expensive subscription fees can be stressful. Thankfully, there are options for you to cut costs while enjoying your digital subscriptions. This article delves into tips and ideas on saving money on subscriptions.
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How Much Does the Average Person Spend on Subscriptions?
Do you know the overall cost of your monthly subscriptions? The average consumer spending on digital subscriptions has increased exponentially, partly attributed to stay-at-home boredom. Recent data shows that an average person spends $273 per month on subscriptions, which is a 15% increase in monthly spending in 2018, and this creates an additional $430 worth of expenses per year.
What’s more surprising is that most people don’t know how much money goes into their monthly subscription. Since most subscriptions payment is automatic and often charged to your card, it can be hard to notice the actual cost. Some consumers in a recent survey underestimated their monthly subscriptions by $133. Mobile phone subscriptions lead as the most forgotten subscriptions, followed by internet and TV/movie streaming comes third.
How Do You Budget A Subscription?
If you’re looking to save money, budgeting for your subscriptions is one excellent way to stay on top of your finances. Whether it is the internet, streaming, gaming, music, fitness, or news services, keeping tabs on your digital subscription services can save you hundreds if not thousands of money per year.
1. Track Your Subscriptions
Do you know the number of subscriptions that are in your name? When was the last time you checked your total subscription fee deductions? Here is the thing, 74% of consumers forget about their subscription charges, and 42% of people with subscriptions continue to pay the service fee despite not using it anymore. This shows that it is pretty easy to forget about your subscriptions once you sign up for them—-and it can cost you a lot of money.
Don’t worry if the numbers above depict your scenario; tracking your subscriptions is a surefire way of avoiding unnecessary payments. It helps you understand the number of active subscriptions and their renewal time. There are mobile apps and tools to help you track your digital subscriptions.
Use Truebill to track your digital subscriptions and cut costs. It tracks all your subscriptions, helps you check due subscriptions to avoid late fees, and cancels services you no longer need. No matter the number of subscriptions, this app keeps you in the loop, helping you save money. Another excellent feature of this tracking app is that it can help you find subscription offers, negotiate bills, and track spending. Furthermore, the app is free, and you can use it to track personal and professional subscriptions.
2. Cost-Share Your Digital Subscriptions
Another great idea to save money on subscriptions is to cost-share with friends or family. Most subscriptions have an option to create a group plan for your family or friends. Instead of subscribing to individual Netflix accounts, you can opt for the shared plan and enjoy better features for a tiny fraction of the cost. This can lower your monthly bill and still get your subscription services.
3. Downgrade to A Free Plan
With some subscription services, the only difference between the premium and free versions is ads. Changing to free plans can be another excellent way to save money on subscriptions if you can tolerate ads. For instance, Spotify’s free version offers good music entertainment, except you’ll have to deal with ad interruptions. Thankfully, most digital subscriptions have a free plan you can try before committing to a paid one.
If you already have a subscription you don’t want to lose but need to cut costs; you can check if there’s a free offer. Furthermore, trying a free version is the best way to shop for the right subscription instead of committing your money to something you might not like.
4. Hunt for Subscriptions Offers
Have you ever considered digital subscription promos and discounts? Another way to lower your monthly subscription bill is to consider promos. One way to find subscription coupons is to use an app. Retailmenot, for example, is an excellent app for discounts on digital subscriptions.
Alternatively, you can check directly with your service provider if there are any subscription promos or discounts. Companies hate losing subscribers, so you might get a pop-up offer for the same plan if you cancel your current subscription.
5. Find Alternative Less-Costly Subscriptions
Did you know that some providers offer student and military discounts? You can get up to 50% when you get on these plans. Alternatively, you can downgrade to the lower tier of the same plan. While you’ll lose some of the features, downgrading can be worthwhile.
You can also change entirely to a new wallet-friendly provider. Shop around for free alternatives to your current subscriptions. YouTube, Roku, and Tubi are some of the best free subscription options you can consider for entertainment services.
6. Consider Annual Subscription Plans
Another way to lower your subscription fee is to hop on the annual plans. Companies offer yearly plans as a marketing strategy to keep you on the hook for longer, and they capitalize on this to provide huge discounts on yearly plans. On the flip side, monthly subscriptions can be quite costly, and you may need to renew every other month.
Often, annual plans are billed upfront, but paying a lumpsum and never having to worry for the whole year can be a great option. Check if your subscriptions have annual plans; it can be wallet-friendly, especially for frequently used services.
Additionally, consider canceling digital subscriptions you no longer use. You can also audit your subscriptions and identify one with features you can consolidate with the other.
Surefire Ways to Save Money on Subscriptions
Digital subscriptions can make life easier, provide entertainment and simplify our work. But it doesn’t mean they have to cost a pretty pound. Sign up for our resourceful newsletter for more tips to save money on subscriptions.