How to Save Money on Subscriptions
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How to Save Money on Subscriptions

Woman looking over her finances to save money on subscriptions

Subscriptions are a great way to get the products and services you want on a regular basis. Yet, some people find themselves spending more money than they anticipated on their subscriptions. Luckily, there are at least three things you can do to ensure that you are getting the most out of your subscription services. Here’s how to save money on your subscriptions.

Regularly Review Your Subscription Services

The first thing you can do to save money on your subscriptions is to regularly review them. It is a good idea to regularly go through your subscription services and determine if you still want or need them. This is especially important for the services where you have set up automatic payments. Until you take a closer look, you may not even realize how much money is going into these subscriptions. While you don't need to review your subscriptions every month, you might want to do it at least quarterly. Determine how often you use the service and if it's still worth the cost. If you rarely or never use the product or service or if a lower-tiered service would be more appropriate, it might be time to get rid of the subscription or at least move to a lower tier.

One important thing to think about when canceling a service is if there is a cancellation fee. If the fee is high, even if you do want to get rid of the service, you may want to wait until you can cancel without the penalty.

Wait for Deals

Many companies offer deals to draw you or to encourage you to come back. Take advantage of these deals to save money on subscriptions. They may include things such as getting a 30-day free trial or getting one year at a reduced price. A free trial is a great way to know if this is something that you really want. Be honest with yourself. Even if you used the service regularly during your 30-day trial, if you know you won't continue to use it at the same pace, it may not be worth your time to continue the service.

As your free trial or reduced-price service is coming to an end, it is important to cancel your subscription before you start being charged full price. Canceling a day or two early is better than canceling a few days too late. If you still want the service but you aren't willing to pay full price, see if you can negotiate a deal. Some companies may be willing to offer you a lower price. While you might need to haggle the price again in a year or two, at least you'll be paying less for now.

As you wait for deals, it is also important to time them properly. Avoid doing too many free trials at once, especially for similar services. You'll get the most out of the service by focusing on one free trial at once and then deciding which one is best for you.

Share the Wealth with Friends

An article from earlier this year from U.S. News & World Report talked about sharing products that you do not want from your subscription services. For example, if you have a beauty subscription box or another service that regularly ships you items, get together with other friends who have a similar subscription, and trade the products you don't want for something that a friend doesn't want. You can also use items from your subscription box as gifts for birthdays or other holidays. Of course, if you find that most of your items are either being exchanged or given as gifts, it's likely time to cancel your subscription.

Referring your friends is another great way to save money on subscriptions. If your friend uses your referral code, both of you may save money. Later, you can return the favor by using your friend's code when you sign-up for another service.