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 television programmes 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 subscription services.

1

From music streaming to your morning coffee and meal kits, there is a subscription service for most aspects of our daily lives.

You can listen to music on Spotify, watch films and shows on Netflix, Disney+ and Amazon Prime or get regular Pret coffees.

These are just some of the subscription services available and together would cost a minimum of £50.

With so many different services available, many users find it hard to keep track how much they are spending.

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 has increased its basic and standard plan prices by £1 a month for new customers to £6.99 and £10.99 respectively. Existing customers will be given 30 days notice of changes.

Most read in Money

Disney+ last year hiked prices by £2 per month to £7.99 on a monthly basis 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 pay monthly or upfront.

Paying monthly can seem attractive as it is a lower amount each month but you can end up spending more than if you paid in advance.

Consumer watchdog Which? 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 deliery 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.

If you are just watching 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.

How much use are you getting out of these?

For example, Pret customers can get up to give drinks per day for a £25 monthly fee.

The subscription is worthwhile if you’re a regular Pret customer – as if you purchased just one flat white for £2.50 every weekday over a month, you’d usually be spending £50.

This means you’d save £30 over 20 weekdays – but as you can get up to five drinks a day, the savings could amount to more than this.

However, it may not be as worth it if you are reducing your caffeine intake or visiting other coffee shops.

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.

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 there 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.

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.

This post first appeared on thesun.co.uk