Six ways to cut the costs of all your subscriptions as Netflix hikes prices
SUBSCRIPTION services can be a great way to access your favourite food, films, music and more but rising prices means it isn't always good for your bank balance.
Streaming services such as Netflix have announced price hikes in recent weeks and more could follow - here is how to cut the cost of your subscriptions.
From music streaming to your morning coffee and meal kits, there is a subscription service for almost every aspect of our daily lives.
You can listen to music on Spotify, watch films and shows on Netflix, Disney+ and Amazon Prime, or even get regular Pret coffees.
These are just some of the subscription services available and together would cost a minimum of £50 a month.
With so many different services available, many users find it hard to keep track how much they are spending.
STREAMING SERVICES
Research by Wealthify recently estimated that 5.5million people don't know how much they are paying for entertainment and lifestyle subscriptions.
Of those who pay for any monthly subscription, it is estimated they spend on average £9.90 per month on subscriptions they don’t use or rarely use – equalling £118.80 per year.
These costs are also set to increase as many customer may be on deals that were cheaper when they first signed up.
Netflix this week increased its basic and standard plan prices by up to £2 a month, with changes taking immediate effect for new customers.
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Disney+ last year hiked prices by £2 per month to £7.99, so anyone renewing will be put onto this higher rate.
Amazon Prime has increased its prices in the US but is yet to do so in the UK.
Here is how you could reduce some of the costs so you can continue to stream and subscribe without hurting your bank balance too much.
Pay annually
Most streaming and subscription services will give you an option to either pay monthly or for a year upfront.
Paying monthly can seem attractive as it is a lower amount but you'll often end up paying more over the course of the year than if you had paid in advance.
highlights that Disney+ costs £7.99 a month or £79.90 for the year, which is a saving of £15.98.
Additionally, Amazon Prime costs £7.99 a month or £79 for the year – a saving of £16.88.
Use free trials
Test out a service before you pay to see if there are programmes or goods you will actually use.
For example, Now TV is currently offering a seven-day free trial for its entertainment and cinema packages, which usually costs £7.99 per month.
Amazon Prime also offers a 30-day free trial so you can test out its TV and free delivery services.
Make sure you set a calendar reminder for when these trials end as you will be automatically switched to a monthly subscription if you fail to cancel in time.
Check your usage
Keep an eye on whether you actually use a service you are paying for.
If not, you may be better off cancelling or downgrading your services.
Do you watch enough TV to justify a film streaming service such as Netflix or Disney+?
You may have signed up to a service such as Netflix to watch on more than one device previously.
This is a more expensive option, costing £10.99 a month to watch on two devices and £15.99 for four.
But if you only watch Netflix on one device, you could downgrade to the basic £6.99 package.
Similarly, Spotify's ad-free music streaming service starts at £9.99 a month for an individual package.
But if you don't mind adverts, like the old days of radio, then you can use the service for free.
Also, check if a subscription service you are paying for is worth it such as the gym or coffee memberships.
For example, Pret customers can get up to five drinks per day for a £25 monthly fee.
The subscription is worthwhile if you're a regular Pret customer - if you purchased just one flat white for £2.50 every weekday over a month, you'd be spending £50 - but not if you only pop in occasionally.
Bundle up
You could be missing out on streaming or subscription services from other products you already pay for.
Many mobile phone deals also give customers access to extra services such as music and film streaming.
Vodafone customers can get access to Amazon Prime, Spotify or YouTube Premium with some of the provider's pay monthly deals.
EE users can access Netflix or BT Sport on certain plans.
Don't just choose a mobile phone or contract for these services though, as you will need to make sure the whole deal and handset is right for you.
Sign up with a cashback website
See if you can pocket some extra money by signing up to a streaming or subscription service using cashback websites.
For example, TopCashback is currently offering £10 to users who sign up to Disney+ by following the link on its website.
Again, only do this if you wanted the service anyway - cashback isn't guaranteed so you shouldn't buy something just to get the money back.
Check for free alternatives
Streaming services aren't the only ways to watch the box or listen to the radio.
Traditional TV stations such as Channel 4, ITV and 5 have their own free apps that feature live TV and an extensive back catalogue that can be watched on a computer, smartphone or through a set-top box.
You can also access BBC shows through iPlayer, as long as you have a TV licence.
There are also lots of free podcast apps such as Acast as well as BBC Sounds where you can listen to various audio shows.
Plus, there is the old fashioned radio, which is free and can be accessed through a stereo, online and on smart speakers.
Streaming and subscription services aren't the only costs going up.
O2 and Virgin Mobile are hiking bills by as much as £48 a year from April, while Sky is adding £43 a year to broadband and TV bills.
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BT, EE and Vodafone are planning to hit more customers with bill hikes of up to £74 a year come April too.
Virgin Media is also hiking prices by £56 a year for broadband and TV customers.
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