With the cost of living crisis putting pressure on household budgets at the moment, subscriptions are often the first payments people cancel. Photo: Denis Balibouse/Reuters

Many households are seeking to cut down on monthly subscriptions amid the cost of living crisis, with more than 1.5 million Britons cancelling all video subscriptions in the first quarter of the year, according to research firm Kantar.

But from Amazon Prime (AMZN) to Spotify, here are 10 top tips from Which? on how to save money on subscriptions.

1. Share your subscriptions

Sharing streaming subscriptions within a household is one of the quickest ways to save money. Most services have plans that could help users save money, without losing their personalised features. For example, Spotify (SPOT) offers a Premium Duo plan for £13.99 a month for two people in the same household, saving £71.88 a year compared to the price of two individual subscriptions. For larger households, the Spotify Premium Family plan for £16.99 a month allows up to six users to get premium benefits, saving £515.40 a year over six individual subscriptions. Amazon Prime also allows users to share benefits with another person in their household, halving the cost of having two separate accounts.

2. Pay annually rather than monthly and save up to £16.88

Users can save by buying a year’s membership in one go, rather than paying monthly. For example, Disney+ (DIS) costs £7.99 a month, or £79.90 for the year – saving £15.98. Amazon Prime costs £7.99 a month or £79 for the year – saving £16.88.

3. Rotate monthly subscriptions

Those who have multiple TV and film subscriptions could save money by rotating what they pay for each month. Netflix (NFLX), Now, Amazon Prime, and Disney+ will allow users to cancel monthly subscriptions at any point with no exit fee, so if you can plan…

Read complete post here:
Source link