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Daily Mirror
Daily Mirror
Business
Danni Scott

Finance expert shares how to cut costs with your streaming services

Streaming services are undeniably here to stay but with so many on the market, you could end up handing over around £30 per month to keep up with your favourite shows.

As there's no one subscription to give you access to all services but mixing and matching can save you money - for example cancelling Netflix while you binge Apple TV's Ted Lasso.

With money tight for everyone at the moment, being more savvy about your streaming might help you pocket a little extra cash.

If you're unsure where to start Rhiannon Philips, a personal finance expert at NerdWallet, has shared her top tips for getting the most out of your money.

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Use the service to its fullest

Some services offer more than just streaming tv and film (stock image) (Getty Images/iStockphoto)

While most streaming services only offer access to things to watch, Rhiannon recommends Amazon subscribers get the most out of their Prime account by using the entire site.

She said: "Many people take advantage of the free one-day delivery service you can get with Amazon Prime. There are also several other benefits that people may not be utilising.

"With a Prime membership, you can read thousands of books as well as play new games and receive in-game upgrades at no extra cost. You may also be able to carry out a weekly shop with Amazon Fresh, which offers Prime members in certain locations free, same-day delivery on grocery shops over £40.

"So, if you are paying the Prime subscription price, it is important to make use of all of its services, not just one or two."

Cancelling your Apple Music or Spotify in favour of using the Prime music subscription or taking advantage of the free food delivery all adds up over the months.

Split subscriptions and use free trials

Share the cost with your household (stock image) (Getty Images/iStockphoto)

This might not be an option for all, especially if you're living alone but splitting costs is always beneficial. If you and your partner are both paying for Netflix, split the cost in half and share an account.

Rhiannon said: "Spotify offers a Premium Duo plan for £13.99 a month, ideal for two people in the same household. This can save you around £72 a year, compared to the price of two individual subscriptions."

Don't forget to take advantage of any free trials or discounts on offer too by co-ordinating trials or utilising both of your emails and names. You can sometimes alternate between new subscriber offers to "take advantage" of the benefits "without paying anything".

She added: "If you are a student, it is also worth taking advantage of the Amazon Prime Student membership. This offers a 6-month free trial, before costing just £4.49 per month.

"It gives you most of the same benefits as a fully paid-up member of Amazon Prime, plus some exclusive student-only offers throughout the year."

Downgrade and go annual

If it's just you watching, consider downgrading (stock image) (Getty Images/iStockphoto)

Usually the cheapest way to pay is through an annual subscription, if you can't bear to part with Disney+ then pay for the year upfront and it'll save money in the long run.

While paying monthly is less impact to your wallet upfront, paying one chunk means that monthly cost is gone. Rhiannon said: "With many subscriptions, companies are looking to tie you in for the year, so the monthly cost will usually work out more after paying it over twelve months."

If this cost is too much, then downgrading your plan might be the way forward. Netflix offer cheaper plans with reduced features, so if you're the only person watching it might be worth the pounds saved by dropping down a tier.

She shared: "If available, you could also consider downgrading from a paid premium plan to a free (or cheaper) plan with adverts. It can be annoying when adverts interrupt your music or show, but you should ask yourself if paying extra to stop them is worth the cost."

Consider whether you need certain services

There's an overwhelming number of services out there - you don't need them all (stock image) (Future Publishing via Getty Images)

Overconsumption is something we're all trying to cut down on and your streaming services are no different. We often subscribe to everything possible but don't take stock of what we're actually consuming.

"Ask yourself, 'do I really need to pay for all of these TV and film streaming services at the same time?' If the answer is no, Netflix, Amazon Prime and Disney+ all allow you to cancel a monthly plan without an exit fee," the finance expert said.

"If there is a particular programme being launched that you know you will be bingeing, it's perfectly feasible to cancel the other platforms you won't use as much and continue alternating the platforms you pay for in order to save some money."

Cancel what you don't use

If kids' TV has taken over, cancel the services that have fallen out of use (stock image) (Getty Images)

The more extreme version of juggling each service is to simply cancel everything you don't use. If you only got Apple TV to watch Ted Lasso, cancel it once the show ends.

Why pay for something you don't use when that money could go to something needed like bills or the weekly shop.

Rhiannon concluded: "Remember, there is always a free alternative too. The likes of All4, ITV Hub and My5 give you some great box sets free of charge, although you can pay to view them without adverts."

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