If you’re like most of us in Gen Z, you probably have a few streaming subscriptions, whether it’s Netflix, Spotify, Disney+, or maybe all three (and then some). Subscriptions make life easy—you get access to the content you love at the touch of a button. But with so many options, those monthly charges can quickly add up. How can you make sure your subscriptions are working for you, and not draining your wallet?
At United Financial Credit Union, we’ve got some tips to help you manage those subscriptions and even find ways to turn small savings into something bigger. Here’s how you can take control of your subscriptions and build up your savings without sacrificing your streaming sessions.
1. Audit Your Subscriptions
When was the last time you took a look at all the services you’re subscribed to? Whether it’s video streaming, music platforms, cloud storage, or gaming apps, it’s easy to lose track of how many services you’re paying for each month. Make a list of every subscription, from streaming to fitness apps, and ask yourself:
- Are you using it enough to justify the cost?
- Are there cheaper alternatives (like bundled packages) that could offer the same value?
- Could you temporarily cancel a service and only subscribe when new content comes out?
Being aware of exactly what you’re paying for is the first step toward taking control.
2. Opt for Annual Plans When Possible
Many subscription services offer discounts when you pay annually instead of monthly. It may seem like a bigger upfront cost, but if you know you’ll use the service throughout the year, you can often save up to 20-30%. For example, if your monthly streaming service is $9.99, the annual plan might cost around $100—saving you about $20 a year. Small amounts like this can add up when you apply the same strategy across multiple services.
3. Use Shared or Family Plans
Did you know that most streaming platforms offer family plans or multi-user accounts? For example, Spotify, Netflix, and Hulu let you share your account with family members or friends at a fraction of the price you’d pay individually. As long as you trust your sharing group, you could cut your subscription costs in half or more.
4. Set Up Subscription Alerts
We’ve all been there: a free trial ends, and suddenly you’re hit with a charge for a service you no longer use. Set up alerts for when your free trials are about to expire, or when it’s time to renew a subscription. This way, you can decide whether to cancel before getting charged or switch to a better plan.
5. Leverage Your Savings Wisely
Once you’ve found ways to cut down on subscription costs, what do you do with that extra cash? Instead of letting it sit in your checking account, consider automatically transferring the money you save into a savings account. Even if you’re saving just $5 a month, those small amounts can grow into something bigger over time.
At United Financial Credit Union, we offer high-interest savings accounts, so your savings will grow faster than you think. Plus, you can set up automatic transfers to make saving effortless.
6. Turn Savings Into Investments
Looking for an even bigger return on your small savings? Once you’ve built up a solid emergency fund, consider investing the extra cash. With the right tools and guidance, even small amounts of money can turn into long-term financial growth. Ask us about our investment options, and we can help you take that next step.
7. Reward Yourself Responsibly
It’s all about balance. You don’t have to give up all your subscriptions to save money. After all, entertainment and relaxation are important! By being more intentional with what you pay for and setting aside a little of what you save, you’ll have more money to invest in experiences, hobbies, or future goals that really matter to you.
Get Started With United Financial
Managing your subscriptions is just one step toward building smart money habits. At United Financial Credit Union, we’re here to help you take control of your finances—whether that’s through setting up a savings plan, finding the right loan, or learning more about investing. Contact us today to see how we can help you grow your financial future, one small saving at a time.
Ready to make your subscriptions work for you? Start saving today!
With these tips, you can continue enjoying your favorite subscriptions without feeling like they’re draining your wallet. Small changes in your spending habits can lead to big savings—and United Financial is here to help every step of the way!