The great conundrum of the consumer today is the rapid proliferation of convenient, quick-fix subscription services that solve every problem while keeping you entertained. The cumulative costs of the smaller projects quickly add up, leaving budgets depleted. This article discusses strategies to manage and reduce subscription expenses, focusing on popular services such as Amazon Prime, Microsoft 365, Spotify Premium, and more. By understanding subscription dynamics, individuals can make informed decisions that maximize value and minimize unnecessary spending.
Amazon Prime, another popular service, is £8.99 per month on average. Smart shoppers can take advantage of sales and promotional deals to help offset this significant cost. Microsoft 365 just jacked its yearly price up from £59.99 to £84.99. As a result of this steep increase, users have begun seeking out other evacuation plans. Spotify Premium is £11.99 per month for individuals. If you’re looking to spread the love, the Premium Family plan is £19.99 per month and covers up to six people living at the same address.
Strategies for Reducing Subscription Costs
For anyone interested in reducing their subscription spending, here are some of the most impactful tactics to consider. Partnerships are an amazing value Amazon Prime savings benefit that extends way beyond just getting free delivery on your Amazon purchases. O2 customers will be able to bolt Prime on to their current plans for just £6.99 a month. On top of that, they’re going to save £2 a month on their mobile phone bill!
Additionally, Amazon Prime provides a pro-rata refund policy when cancelling a subscription, often around 50p, which can be a small yet valuable saving. If you need free delivery and don’t meet the requirements, you might want to use Prime on a trial basis. Take advantage of the benefits on your membership purchase and cancel after that!
"If you’re not a subscriber to Amazon Prime and are making a purchase on Amazon that doesn’t qualify for free delivery, you can subscribe to Prime to get free delivery and then unsubscribe immediately after your order has gone through." – Alex King
Microsoft users can avoid the recently announced increases in price by choosing the “classic” plan rather than the newer premium plans. This transition not only locks in past national rates but guarantees no service disruption at a higher price.
Exploring Free Trials and Discounts
Look for free trial offers from all of the major platforms, and use them to test out multiple options before investing in yearlong subscriptions. New subscribers will receive their first week free on Apple TV+. Thereafter, the standard monthly fee of £8.99 will apply. Likewise, BFI Player provides a 14-day free trial period before users start being charged £6.99 per month. It’s great to see Audible giving a somewhat more generous 30 day free trial before the service reverts to the normal £7.99 per month.
“Instead of juggling multiple subscriptions, try rotating your streaming services to save money, and only subscribe as and when there are things you really want to watch.” – Liz Hunter
Retailers commonly provide “subscribe and save” packages, delivering 10-15% off of regular buys. These promotions are especially a boon to anyone who frequently buys items like groceries or beauty products on a recurring basis.
Evaluating Subscription Value
Asking how useful existing subscriptions really are is a key part of the process of saving money and getting value for money. Consumers need to take a careful look at these default subscriptions that probably aren’t doing enough to earn an ongoing subscription.
“Look at passive subscriptions quietly winging out of your account and evaluate if you’re getting better-value usage than just signing up again when you need it.” – Vix Leyton
When subscriptions go unused for long periods of time, it may be best to consider cancelling them permanently. This move doesn’t just provide relief to move other money—it actively moves these dollars into future savings or investments.
“If you’ve been paying for something that you haven’t used for more than a year, then it’s worth cancelling and using that ‘found money’ to set up a direct debit or payment out for that amount to go directly into a savings account or to explore longer-term savings and investments.” – Vix Leyton