Subscription cost cutting tips amid Spotify’s premium price increase - expert advice for customers
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As Spotify is set to raise the price of its single-account premium plan in the UK by £1, customers are desperate to cut the cost of their subscription plans. The trend has seen similar streaming services increase their costs this year including Amazon and Netflix.
According to price comparison site Choosewisely, Britons spend almost £500 each year on subscription services alone. Personal finance expert, Tara Flynn, said: “Critics may argue that cancelling digital subscriptions won’t solve the problem that the cost of living crisis has created, and I agree with that sentiment.
“However, it’s essential not to dismiss the idea entirely, considering the average Brit spends nearly £500 annually on these services, and their popularity continues to soar.”
Tips on how to cut the cost of subscriptions like Spotify, Netflix, Amazon & Apple
- Cancel and re-subscribe strategically: If you’re not using a particular subscription regularly, cancel it temporarily and re-subscribe again when you need it - sometimes digital platforms will offer special deals to win you back.
- Check for rewards: Some credit cards and loyalty programs offer rewards or cashback when you pay for specific digital subscriptions.
- Pay annually: Some subscription services offer discounts when you pay for a year upfront instead of monthly, saving you money in the long run.
- Use family plans: You can get significant discounts on certain subscriptions for family plans, rather than everyone in your household paying independently.
- Research alternatives: Multiple platforms provide similar content, so explore other services offering lower prices or better deals.
- Choose lower-tier plans: Most subscription services offer different tiers with varying features - be sure you’re only paying for the features you’re using.
- Make monitoring your subscriptions a habit: Regularly review your subscriptions and cancel any subscriptions you no longer need or use.
Personal finance expert Tara Flynn has been helping consumers get accepted for the credit they need for over 14 years. The 36-year-old has been a finalist for Entrepreneur of the Year, appeared on the Fintech Power List three years in a row and helped Choose Wisely to make the Sunday Times Tech Track 100 as one of Britain’s fastest-growing tech companies.