Save Money on Subscriptions: 6 Smart Tips Not to Miss Out!

Save Money on Subscriptions: 6 Smart Tips Not to Miss Out!

Dear Happy Investor, Saving money on subscriptions is one of the easiest ways to keep quite a few extra pennies in your wallet. More and more, you can buy products and services on a subscription basis. Companies like to take advantage of this because a monthly subscription has lower costs than if you had to pay a large sum of money all at once. For consumers, too, a subscription has many advantages, but before you know it, things get out of hand and you spend too much money. Often this is unconscious.

Do you actually know how much money you spend each month on all the subscriptions you have? Saving money on subscriptions is can be very necessary for you.

In this article we will talk about how you can save money on subscriptions: it is one of my personal tips for smart money behavior.

Contents:

How to save money on subscriptions: insight and comparison
Saving Money on Phone, TV and Internet Subscriptions
Health insurance subscription
Energy subscription: save money by switching every year
Sports subscription: adjust your membership to the use
Saving money on Car Insurance
Luxury subscriptions: do you really need them?
Conclusion: save money on every subscription through insight and commitment

How to save money on subscriptions: insight and comparison

Probably you are reading this article because you have noticed that subscriptions plunder your bank account. You don't think about it daily, and before you know it you're paying hundreds of dollars every month for subscriptions. Half of which you may not even need!

Saving money on subscriptions starts with insight. With insight, I mean that you have a list of all subscriptions, and how much it costs per month. Pay attention to subscriptions you pay quarterly or annually. These sneaky killers are only paid for once a year, without you even thinking about it.

For example, I myself a subscription to an online platform for knowledge books. I just stopped using it and had forgotten to freeze the account. Before I knew it, the annual transfer was made, and another 100 dollars was gone.

After you have insight into which subscriptions you are connected to and how much they cost per month, quarter or year, it's time to save on them. Basically, you have three choices for each membership:

  1. Do nothing: you need the subscription and accept the cost
  2. Keep it but try to reduce the cost
  3. Cancel it

If you want to save a lot of money on your subscriptions, then option 3 is of course the best. By canceling you get rid of all costs immediately, which is the biggest gain. But many subscriptions you will need anyway. For me, option 1 is not an option. There is always room to cut back on your memberships. That brings us to option 2. Below I'll give a few common examples of how you can save money on the biggest subscriptions that you do really need.

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Saving Money on Phone, TV and Internet Subscriptions

I'll start with a subscription saving tip where many people leave money. I mean, when was the last time you saved money on your Phone, TV and Internet subscription? Every year it gets more and more expensive, and yet we are all too happy to stay a member. Because yes, switching gives a lot of hassle and takes a lot of effort. Both remarks are untrue. These days, switching is super simple, with the companies only too happy to welcome you as a new customer. This means that they will take care of 100% of your needs when you switch. And all that with just a few clicks of a button…

With Phone, TV and Internet you can take a critical look at your usage. To start with the phone. Do you still need a landline in this mobile age? Not only can you save money quickly by canceling your phone plan, but you'll never have those annoying salespeople on the phone again. TV and Internet can be a little trickier. A good tip for saving on your TV subscription is to look at the package you have. Do you have a standard package, or are you a member of a luxury movie package or sports package? Chances are you activated this once in the past because you watched a lot of movies or sports games. Maybe you don't need it anymore? Saves you a few extra bucks in the month! Also with Internet you can check your usage: do you need fewer MB's than you thought? Great opportunity for savings.

Health insurance subscription

Health insurance is another area where it gets more expensive every year. But here too, the competition between health insurers is cut-throat. In fact, the customer is king, and you really should switch every year to get the most out of this position of power. Every year health insurance companies come up with unique promotions and discounts, all to get you as a customer. In the end, we are the lucky ones and we save a few bucks each month. Personally, I think health insurance is very important. It is also a question of how much excess you want to take. This is your own choice. As long as you realize that a high deductible may not always be advantageous when there is real shit on the line.

By comparing health insurance you can save tens of dollars per month on your health care subscription. So it's worthwhile to make a comparison.

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Energy subscription: save money by switching every year

Gas, water and light. Personally, I find comparing energy subscriptions the most fun, because this is always a big saving. Often you can save around 150 to 300 dollars when you switch energy suppliers. For large families it is even a bigger hit!

For the best deals on energy, it is best to compare prices via an independent comparator. They regularly have exclusive energy deals that you normally can't get as an individual (on your own). The average savings is around 300 dollars per year.

Of course, 300 dollars isn't life-changing, but it is a start. For example, you can invest this money into stocks and real estate and let your income grow. This is how you grow passive income 😉.

Sports subscription: adjust your membership to the use

You often see people starting as enthusiastic and fanatical members of a gym. Of course, that is great, because a fit body is one of the best investments in yourself. It brings a lot of benefits. Unfortunately, in practice it's true that many people do less and less sport. The reality is, however, that you keep paying the same amount every month for the membership. And this is natural. In the beginning, everyone is very enthusiastic and goes for the “premium” or “unlimited” subscription. And after a while, you will do less sport, up to some point you only go once or twice a week (which is still great!).

In this case, you can quickly save on the expensive sports membership by choosing a cheaper one. If you can't do that at your current gym, then switch to another one.

In summary, with every sports subscription, ask yourself if you still have the right one. If you pay a lot of money for unlimited exercise, but you only go 1x per week, then you can quickly and easily save on this. But keep exercising, because a fit person feels a lot more energetic with all kinds of positive consequences.

Saving money on Car Insurance

A car is one of the worst investments you can make. I understand it by the way because I too like cars. They look great and are a nice status symbol to show everyone else how well you are doing. But no matter how you look at it, a car only costs money and doesn't provide anything (unless you are a cab driver). This makes it an absolute must to save as much money as possible on your car. This starts with the car itself, but you can also save a lot on your car insurance. On average about 200 dollars, which is quite substantial. Through the link from earlier above (under the heading Energy subscription) you can also compare car insurance. Saving on one of the worst investments you can make (the car), are the best savings 😉 .

Luxury subscriptions: do you really need them?

Besides the most expensive subscriptions we saw above, there are also luxury subscriptions. I call it a luxury because it is for fun and entertainment. A good example is Netflix, or that extra sports channel (you never watch). And so there are many other examples. Think about magazine subscriptions, swimming pools, amusement parks or zoos, and also cinema subscriptions. And so we can go on and on.

The most important thing to save money on this kind of luxury is to ask yourself the following question: do I really need it, and what value does it add? In doing so, you only need to convince yourself. If you consider it necessary to have Netflix, because it allows you to relax after a hard work week, then that is your right. So the responsibility lies entirely with you. Personally, I find it a very pleasant question where I carefully consider whether something adds value or not. If it doesn't add value, why pay for it?

A final tip is to take a look at the mobile bank of Bunq. They have some super handy automatic features. Think of an automatic savings function on your account, and also the 100% insight into your monthly costs. This insight alone can help you save money quickly and easily. You can read more about this in my Bunq review.

Conclusion: save money on every subscription through insight and commitment

Rather lazy than tired. In this article we have seen that you can save a lot of money on every subscription. Simply by understanding what subscription costs you have, and showing commitment to save on them. Saving money on subscriptions is done by comparing the best offer every time. I mean, why wouldn't you? Companies are already set up for this. When you switch, everything is arranged 100% for you, you have nothing to worry about. Or do you want to forgo free money? Choose an independent price comparator to save hundreds of dollars a month on your subscriptions.

In conclusion, saving money on subscriptions helps you save more money for later. But there is a better way. For example, if you have 2000 dollars monthly expenses, you might be able to cut back to 1500 or maybe 1000 dollars. Only it stops once. You need a basic level for (comfortable) living. Therefore, it is better to shift your focus to a higher income. You do this by earning extra money in whatever form you can. One of my best (and most popular) articles is about ways to make a lot of money. This article is not to be missed because it could be one of your first steps towards financial independence! If you know how, then it is fairly simple to become richer and have a more comfortable life. Financial freedom is,  in my opinion, therefore a means to truly live.

So, which subscriptions are you going to save money on? Let me know your results below in a comment so we can celebrate our successes together.

About the author
Raised by an entrepreneur, a master's degree in Organizational Science and Strategy, and a passion for investing. My name is Jorik Vermeulen, creator of the Happy Investors Mindset. For years I have been sharing my philosophy about a happier life with more freedom, satisfaction and financial independence. In addition, I help people to become (financially) more successful in Mindset & Wealth, with a specialization in long-term investing in stocks and ETFs.
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