When Netflix first launched, it seemed like the ultimate solution. All the TV shows and movies available to view ad-free in one place for the cost of a small monthly subscription. Then competitor streaming platforms started appearing: first Hulu, then Prime, and then Disney +. And all the shows and movies started to get spread out among these platforms, with many of them exclusive to one single platform.
Now many of us are paying for multiple TV streaming services – and these aren’t the only subscriptions we’re paying for. Many of us are paying for music streaming services, gaming subscriptions, software subscriptions, news subscriptions, gym memberships, store memberships and mail subscriptions like meal kits. Some of these subscriptions may only cost a few dollars each month. But together they all add up.
‘Subscription fatigue’ is a term that has been used to describe the state that many of us now find ourselves in – mentally and financially overwhelmed by subscriptions. Just what is the solution to subscription fatigue? This post delves into a few tips when it comes to saving money on subscriptions.
Don’t use it, lose it
The most obvious way to reduce subscription costs is to cancel subscriptions that we don’t use. This requires being realistic about what you’re actually making good use of. Is it worth subscribing to a news publication if you’re barely ever reading it? Is a gym membership worthwhile if you’re only getting to the gym once or twice per month? Canceling these barely-used subscriptions so that you can focus on the subscriptions you actually use could be a good idea.
Share with others
Sometimes it’s possible to share streaming services (like Netflix) or e-commerce accounts (like Prime) with other people to save money. Unfortunately, many TV streaming services have recently brought in rules to prevent sharing of accounts with people who do not live in the same household. However, that doesn’t mean you can’t go around a friend’s house to watch a series (especially if it’s the only series on that streaming platform that you want to watch).
Pay annually
Paying annually for subscriptions can work out cheaper in the long run than paying monthly. Annual subscriptions are often equal to 10 or 11 monthly payments – so you’re technically getting a month or two free. Annual payments do require paying a large lump sum of course, which you need to budget for. Some people end up resorting to online payday loans, but really these should be reserved for emergency costs. Instead, set aside monthly savings contributions as if you were paying a subscription, and use these to pay off annual installments.
Make use of free trials
Many subscription services come with free trials. If there’s a single show you want to watch on a streaming platform, consider whether one of these free trials could be a better solution for watching this show. Free trials are also a good option for trying out subscriptions if you’re still not sure you’re ready to commit to them. For example, if you’re thinking about joining the gym but aren’t sure if it’s right for you, taking advantage of a free trial period could be the way to go.
Explore free alternatives
There are sometimes free alternatives to subscriptions. For example, you don’t have to pay for a Spotify account – if you’re willing to tolerate ads, you can use this platform for free. Meanwhile, when it comes to things like business software, there are free basic alternatives out there to download. Paying does provide a better quality service, but it’s not always necessary.
Stanley
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