Subscriptions get a bad rap in the personal finance world. One of the first suggestions personal finance experts make when you’re trying to save money is to cancel unnecessary subscriptions. However, I’ve found that the handful of services I’m subscribed to, such as Amazon Prime and HP Instant Ink, actually save me money. Here’s why.
How Subscriptions Save Me Money
Netflix
Streaming services can be a drain on your finances if you sign up for a bunch of them. However, subscribing to just one or two streaming services can actually save you money if it helps you cut the cord on cable.
Right now I only have a basic $10 per month Netflix subscription and Prime Video through my Amazon Prime membership. These two services are much cheaper than the $100 cable bill I used to pay and keep me just as entertained.
I opted for the more expensive Netflix plan that excludes ads. However, you can save even more money by going for an ad-supported plan or snagging a new member discount.
HP Instant Ink
My partner works in sales and needs to print out fliers for customers every week. As a result, we go through a lot of printer ink. Before we subscribed to HP Instant Ink, we were spending nearly $300 per year on ink.
HP charges customers based on how many pages they print, not how much ink they use. So if you print colorful graphics that consume a lot of ink like my partner does, an HP subscription could save you money. We only pay $12 per month now and can print up to 300 pages, which is plenty for our needs.
Plus, we no longer have to remember to order ink or go to the store to pick it up. HP automatically detects when our printer is out of ink and ships it directly to our door. In my opinion, you can’t beat the savings and convenience of this type of subscription.
Amazon Prime
I live in a rural area without a lot of retail stores, so sometimes I can’t get the things I need locally. That’s why Amazon Prime comes in handy. For about $15 per month, I get free two-day shipping on everything I order. Considering gas to get to the city once a month would cost more than Prime, I think it’s a pretty good deal. Plus, I get access to Prime Video with my membership, so I don’t need to subscribe to as many streaming services. Furthermore, Amazon Prime Video can even be explored in other locations to access more content.
I also take advantage of Amazon’s subscribe and save feature to save money. It allows you to save up to 15% on the items you need by subscribing to auto-deliveries. For items that I know I need on a regular schedule such as pet food, subscribe and save comes in handy. I don’t need to remember to place the order and I get a little discount on the purchase price too, so it’s a win-win.
Headspace
Headspace is a great mindfulness and meditation app that helps me reduce my stress levels and manage my anxiety. I’m lucky to get access to it for free through my spouse’s employee benefits. If you have a perks at work program, make sure to check your portal to see if you qualify for any free subscriptions or discounts on services.
But even if you have to pay for Headspace, it may be worth the cost. Since I started using it, I’ve needed less frequent therapy sessions and have experienced an improvement in my overall well-being. The app usually costs about $12.99 per month, but as with many subscriptions, you can save money by paying in one annual lump sum of $70.
Wrapping Up
Subscriptions can help you save money if you’re discerning about which ones you sign up for. Don’t forget to look for deals on subscriptions through cash back apps like Ibotta and employee benefits programs.
Do you think subscriptions are a waste of money or a good value? Are you a member of any subscription services that save you money? Share your thoughts in the comments!
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Vicky Monroe is a freelance personal finance and lifestyle writer. When she’s not busy writing about her favorite money saving hacks or tinkering with her budget spreadsheets, she likes to travel, garden, and cook healthy vegetarian meals.
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