10 Surprising Ways to Save Money on Subscriptions and Memberships
Subscriptions and memberships are convenient, but they can also quickly drain your bank account. From streaming services to gym memberships, many people are unaware of how much they’re spending on recurring payments. Here are 10 surprising ways you can save money on subscriptions and memberships while still enjoying your favorite services.
1. Cancel Unused Subscriptions
The first step in saving on subscriptions is to cancel the ones you no longer use. Many of us forget about free trials or subscriptions we no longer need, but they continue charging monthly. Take a few minutes to review your bank statements for recurring payments and cancel anything that’s no longer relevant to your life.
2. Share Memberships
Did you know that many subscription services allow you to share your account with family or friends? For example, streaming platforms like Netflix, Spotify, and Disney+ offer family plans, allowing multiple users to access content for one price. By splitting the cost with others, you can reduce your individual payment significantly.
3. Downgrade Your Plan
Many services offer multiple membership tiers. If you’re paying for a premium plan but don’t use all the features, consider downgrading to a lower tier. This is especially useful for software, cloud storage, or streaming services. You might not miss the extra features, but you’ll definitely feel the savings.
4. Look for Student or Employee Discounts
If you’re a student or employee, there may be discounts available for many services. Many companies offer discounted or free memberships to students and employees. For example, Apple Music, Amazon Prime, and Adobe all provide discounted rates for students. Be sure to ask about any discounts available to you before paying full price.
5. Use the “Pause” Option
Some subscription services allow you to pause your membership for a certain period. If you don’t need a service for a while (like a gym membership during winter), take advantage of this feature instead of canceling. It allows you to save money while still maintaining access when you’re ready to come back.
6. Take Advantage of Free Trials
If you’re not ready to commit to a subscription service, use free trials to your advantage. Many services offer free trials for up to 30 days. You can cancel before the trial ends to avoid being charged. Just remember to set a reminder so you don’t forget to cancel in time!
Final Takeaway
Saving on subscriptions doesn’t require canceling everything you love. By reviewing your current services, sharing memberships, downgrading plans, or using student discounts, you can easily reduce your recurring payments while still enjoying your favorite services.
