Ways to save on your subscription services
New RACQ Bank research has revealed that Queenslanders are spending $420 per person per year on entertainment streaming services.
The data showed that Netflix is the dominating service, with 52% of Queenslanders currently paying for a Netflix subscription. Spotify was the second most paid for subscription service (26%), followed by Amazon Prime (23%).
The findings come as Netflix announces new restrictions on password-sharing, which will likely impact many Queenslanders who use password-sharing as a way to decrease costs.
With the cost of living on the rise, many of us are looking for new ways to cut back on monthly expenses and reviewing your subscription costs may be a way to do this.
Here are 4 ways to save on your subscription services:
1. Make a list of your subscriptions and cancel any you aren’t using regularly
It’s amazing how quickly a few subscriptions can add up. Check your monthly bank statement to track your subscriptions and calculate how much you are paying each month. Don’t forget to check for any subscriptions you are paying via other payment services like PayPal or Apple subscriptions. Making a list will help you identify which subscriptions are most important to you, and which ones could be cancelled if you aren’t using them regularly. You might even find a subscription you didn’t realise you were paying for!
2. Rotate your subscriptions
Another option to cut back on your monthly expenses is to rotate your streaming subscriptions. Most streaming services make it easy to unsubscribe and resubscribe your account, and you can do this strategically to make sure you catch your favourite show when it is released!
3. Scale back your services
If you don’t want to unsubscribe from the service itself, you can lower your fee by scaling back the features you pay for. Some subscription services offer different plan levels depending on your desired features, including the number of supported devices that can watch at a time, ads, streaming resolution, the ability to add members who don’t live with you, download functions and more.
4. Take advantage of available discounts
Keep an eye out for special deals on subscription services. Some phone plans offer free streaming subscriptions with data plans, or you may find streaming services offering discounts for signing up for extended periods of time.
RACQ members can stream their favourite shows, movies, music and sports for less with discounted eGift cards via RACQ Member Benefits.
Save 4% on Apple eGift cards* which can be used for products, accessories, apps, games, music, movies, TV shows and more. Spend it at any Apple Store location, in the App Store or on subscriptions like music, iCloud+ and more. Login to RACQ Member Benefits and find out more: Apple eGift Card (racq.com.au)
*Terms and conditions apply. Login to RACQ Member Benefits to view full offers terms and conditions. Offers are subject to availability and may be withdrawn at any time without notice.
The information in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in the document is general advice and does not take into account any person's particular investment objectives, financial situation or needs. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs.
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Things to note
The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.
Insurance products (excluding Travel Insurance) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQ). Conditions, limits and exclusions apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the Product Disclosure Statement (PDS) and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website.
Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.
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RACQ Operations Pty Ltd (ABN 80 009 663 414 AR 000234978) and Members Travel Group Pty Ltd (ABN 45 144 538 803 AR 000432492) are acting as an Authorised Representative of the issuer of the insurance, Tokio Marine & Nichido Fire Insurance Co., Ltd. (ABN 80 000 438 291 AFSL 246 548). Any advice set out above is general in nature only, and does not take into account your objectives, financial situation or needs. Before purchasing any travel products, please consider the RACQ Travel Insurance Product Disclosure Statement (PDS) and the Target Market Determinations (TMDs) that apply to these products. Whilst the PDS outlines the Terms and Conditions of these products, the TMDs outline the intended class of customers that comprise the target market for these travel products. This will allow you to consider which products best suit your objectives, financial situation and needs and consider the products appropriateness to your personal circumstances. TMDs also outline matters involving the distribution and the review of these products. The PDS, Supplementary PDS and TMDs for each travel product can be found here.