An increasing number of households are seeking to save money on their online subscriptions as the cost of living continues to rise. From Netflix to Spotify, from credit cards to retail cards, the world is full of subscription options for consumers. However, with the availability of a vast amount of subscriptions online and offline, the costs can quickly add to your monthly budget.
As a result, cutting back on your expenses for digital subscriptions becomes the need of the hour. Beem, America’s first Al-powered Smart Wallet App, is one platform where you can learn how to reduce your monthly bills by saving money on online subscriptions. Here are some of the best ways you can save money on your online subscriptions and lower your monthly expenses:
Limit Subscriptions With Similar Purposes
The internet is offering a wide variety of OTT streaming subscriptions to choose from. But there’s a possibility that you may not need to subscribe to all the services as it can cause severe damage to your finances and monthly budget. It is crucial that you get rid of some unnecessary online subscriptions.
You can start by reviewing your list of subscribed services and identifying those with similar purposes. Cancel the plans you use the least if your payments are overlapping the purpose. For instance, you may not need both Evernote and Ulysses for taking notes related to your office work.
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Opt For Cheaper Plans
Since there is no assurance that a more expensive subscription service will get you better results than a cheaper one, why not choose the affordable option? You may not know when the lower-priced option will start giving you better value for your money. It will take some researching and consideration before you commit to a (cheaper) subscription service.
If you are a little tight on your monthly budget, it is advised to read through all the features offered by all available subscription services and then go for the most useful one. For instance, while Netflix has a monthly plan option which can be costly, Amazon Prime Video offers a yearly plan which can be cost-effective for you.
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Make The Most Of Free Trials
One of the best ways to get the benefits of online subscription services while saving money on your monthly expenses is to take advantage of free trials. This is especially applicable when you are trying a new service. It allows you to test the features and take an appropriate decision as per your needs before making a long-term commitment.
Top streaming services like Hulu and Amazon Prime Video offer free monthly trials, while others give free services for a week. You can watch some of your much-awaited shows/movies without spending a single penny. Music streaming services such as Spotify, Apple Music and YouTube Premium give a one-month free trial to new users. However, you are advised to remember the date when your free trial starts to avoid accidentally paying for the next month.
Avail Group And Family Plans For Maximum Savings
There are a number of premium subscriptions that offer group and family plans. It can help you in saving a lot of money in your monthly budget. If you have a big family or lots of friends, you can save money on your streaming or shopping subscriptions.
Netflix, for instance, has a plan that allows users to add up to four viewers to the list to watch shows and movies simultaneously. It is significantly cheaper than the single-use plan. Amazon Prime also allows users to share subscription benefits with another person, diving the cost of separate accounts.
Pay For Annual Subscriptions
Instead of a costly monthly payment plan, you can go ahead with a yearly subscription if you are satisfied with the features offered by the service. Paying for a yearly subscription will save more money on your monthly budget in the long run.
Companies also offer good discounts to customers opting for annual plans to enhance their experience. For instance, Walmart+ can get you free delivery on grocery orders over $35. You can get your monthly grocery filled with the subscription without the need of going out.
Rotate Your Monthly Subscriptions
If you want to watch TV and films on multiple subscriptions, you can save money by rotating between online streaming services. Netflix, Amazon Prime and Disney+ allow users to cancel monthly subscriptions at any given point without any charges. You can easily switch from one service to another every month and save money on unnecessary subscriptions.
At the same time, you can switch to a cheaper subscription plan in case you don’t need the costly plan in the long run. For example, Netflix has three different plans – basic (one screen), standard (two screens) and premium (four screens). If you live alone and don’t have anyone to share your account with, you can choose the most affordable option for you.
Look For Bundles
Several mobile providers offer free extra services as part of their monthly or yearly plans. These contracts can give you access to popular streaming services for 1-2 years. For example, Vodafone offers Amazon Prime for up to 24 months. Some deals also allow you to use Spotify or YouTube Premium for free with the subscription. These free bundles can certainly help in reducing your overall monthly expenses on subscriptions.
Consult your mobile carrier and your car dealership among other services to get information about the best available deals. If you’re in education, several apps offer a student discount as well. Some credit card issuers also offer high cashback rates on streaming services. For example, Citi Custom Cash gives you 5% cash back on your biggest eligible spend category.
Bottom Line
Noting that every dollar you earn is important to your monthly budget, be mindful of the money you spend on your needed online subscriptions and non-essential items.
