You’ve been duped. You thought you were getting a great deal on that streaming service, fitness app or online newspaper. You signed up for a low price or a free trial, thinking you could cancel anytime. But then you took your eye off the ball. Or you got hooked. Or you didn’t read the fine print.
And now you’re paying more for less. Your subscription price has gone up, sometimes without warning or
explanation. Your service has added ads, removed features or reduced quality. You’re locked into a long-term contract or a complicated cancellation process.
A recent study by Finder found that the average American household spends $209 per month on subscriptions. And with prices for subscriptions rising at an average rate of 6.7% per year, that number is only going to go up.
This is the subscription price creep. It’s when companies use sneaky tactics to squeeze more money out of you while often giving you less value. They prey on your habits, your preferences and your emotions. They make it easy to sign up and hard to quit.
Subs Are Creepy
But you don’t have to take it lying down. You can fight back and save money. Here are some tips on how to do that:
- Audit your subscriptions regularly. Make a list of all the services you pay for, how much they cost and when they renew. Check your credit card statements and bank accounts for any hidden or recurring charges. Use apps like Rocket Money or Mint to help you track and manage your subscriptions. If you don’t use a service enough to justify its cost, cancel it. If you’re not sure, switch to a free or cheaper version.
- Negotiate your bills. Some subscriptions are more negotiable than others. For example, you can often get a better deal on your cell phone, internet, home security or satellite radio plans by calling your provider and asking for a lower rate or more perks. You can also threaten to cancel or switch to a competitor if they don’t budge. Or you can use a service like Rocket Money to negotiate on your behalf for a cut of your savings.
- Binge strategically. Some subscriptions are better suited for binge-watching or binge-reading than others. For example, you can sign up for Netflix, Hulu, HBO Max or Disney+ for a month, watch all the shows and movies you want, then cancel before the next billing cycle. You can do the same with online newspapers, magazines or books. Just make sure you set a reminder to cancel before you get charged again.
- Consider free alternatives. There are plenty of ways to enjoy content without paying a dime. You can borrow books, movies and music from your local library or use apps like Libby or Hoopla to access them digitally. You can stream free movies and shows on platforms like Tubi, Pluto TV or Peacock. You can listen to podcasts, audiobooks or music on Spotify, Pandora or YouTube Music. You can read news articles on websites that don’t have paywalls or use tools like Outline or Archive.is to bypass them.
You’re the Boss
Don’t let subscription price creep ruin your budget and your mood. You have the power to push back and save money. You don’t have to settle for paying more for less. Take control of your spending and your consumption. Choose what you want to watch, read or listen to, and when. You can find alternatives that suit your budget, needs and preferences. And, you can always cancel or switch services without hassle or guilt. Remember: You are the customer, not the product. You deserve to get the best value for your money.
