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2:00 AM 27th July 2022
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Amazon Prime Subscription Price Hike: Expert Advice On Cutting Down Monthly Expenses ​

 
Image by Bruno /Germany from Pixabay
Image by Bruno /Germany from Pixabay
Amazon is set to raise the monthly price of its Prime service by an extra £1 for UK customers for the first time since 2014.

From September, subscriptions will go up to £8.99, and an annual membership will increase from £79 to £95. This is due to higher operating costs.

Recently, other prominent services such as Netflix have also increased their subscription prices - despite the fact people are beginning to cut back on streaming services.

Brean Horne, Personal Finance Expert at comparison website NerdWallet, shares her expert advice on how Britons can look to reduce their monthly expenses and continue to enjoy streaming and subscription services without breaking the bank during these financially uncertain times:

“With so many different streaming services competing for our attention, and rising prices putting extra strain on our finances, it’s a good time to evaluate whether subscriptions to platforms like Amazon Prime and Netflix are worth the cost.

“While most people take advantage of the free one-day delivery service you can get with Amazon Prime, along with the thousands of songs, films and TV shows available to stream, there are also several other benefits 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 can also 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. Even better still, if possible try to split the cost with somebody else in your household, allowing you to take advantage of any free trials or discounts on offer for substantially less expense.

“For example, Spotify offers a Premium Duo plan for £13.99 a month, ideal for two people in the same household, where you can save around £72 a year, versus the price of two individual subscriptions.

“If you are a student, it is also worth taking advantage of the Amazon Prime Student membership, just costing £3.99 giving you a 6-month free trial, giving you most of the same benefits as a fully paid-up member of Amazon Prime, plus some exclusive student-only offers throughout the year.

“There are also other tips you can follow to reduce your monthly subscription costs. Take a look at the channels and services you are regularly consuming content from and 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.

“Therefore, if there is a particular programme being launched that you know you will be binging, 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.

“Another option is to downgrade the current plans you are paying for. At the moment, Netflix has three seperate plans; basic, standard and premium. If it is just you watching Netflix but you are on a premium plan, it is worth reducing your plan down a tier.

“Many subscription services offer the perk of a free trial, and it is always worth taking advantage of these in order to assess if it’s worth your financial investment. Music streaming services such as Apple Music, Amazon Music and Spotify will allow you to listen for up to five months without paying anything. If you want free music for a year or two, it’s therefore possible to alternate each streaming platform solely using the free trial options.

“For coffee lovers that can hardly go a day without numerous trips to a local cafe, it may be worth taking advantage of other monthly subscriptions, including the current Pret deal. A regular high street coffee costs around £3 nowadays, so if you are purchasing one at least three times a week or more, you are spending around £36 a month. The Pret coffee subscription costs £25 per month, allowing customers to order up to five hot or cold drinks per day, so it may be worth opting in to save money in the long run.

“It’s often cheaper to pay for a subscription annually rather than monthly. So if you’re confident that you’ll use the service regularly it may be worth paying the upfront cost to save money in the long term.. 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.

“Finally, cancel what you don’t use. If you signed up for certain services during the lockdown to help pass the time, but you haven’t used them since, get rid of them. If you have several bank accounts with small outgoings of subscription fees, you can use an app like Money Dashboard to see an overview of your outgoings and spot subscriptions that you may not want or need anymore.

“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. For free e-books, magazines and newspapers, simply join your local library.”

https://www.nerdwallet.com/uk/personal-finance/