By implementing a 5% investment return and consistently saving £829 annually, savers have the potential to grow their savings to nearly £11,000 over a span of ten years. Those opting for individual subscriptions rather than family options could end up with £8,500.
However, the rotation scheme may not be suitable for everyone. It requires organization to keep track of which subscriptions are currently active. Additionally, only being able to access one streaming service at a time means missing out on the latest releases.
Nevertheless, pausing streaming services that are rarely used can still make a difference, even in smaller increments. Emma Keywood of AJ Bell highlights that even saving £8 per month can aid in budgeting, especially for those trimming down pandemic subscriptions.
“Some individuals might need to reallocate their savings to cover other expenses, counterbalancing the impact of rising living costs,” she explained. “However, if you can afford to save the money, it’s possible to accumulate a significant amount over time.”
“When it comes to managing money, budgeting, and planning for the future, everyone has to start somewhere. Effective subscription management can serve as a stepping stone,” Keywood added.
Now read: BBC license fee loopholes – how to lower your payments
Other strategies to save on streaming
One alternative way to reduce streaming costs is by sharing passwords with friends and family members. For instance, one person might pay for Amazon Prime while another can be the Disney+ account owner.
It’s important to note that streaming services have become stricter regarding password sharing. In May, Netflix began sending warning emails to suspected password sharers, stating that an additional £4.99 would be charged monthly if the practice continued.
Another option is to take advantage of free trial periods. For example, purchasing eligible Apple products grants three months of free Apple TV+ subscription, which is sufficient time to enjoy some of its best series before canceling at the end of the trial period.
Furthermore, there may be bundled options available with other services you already pay for. Vodafone mobile phone and SIM-only customers, for instance, can access the entertainment plan, which includes membership to Spotify, YouTube, and Amazon Prime.
Additionally, certain Sky packages include Netflix. Currently, you can sign up for the Sky Stream, Netflix, and superfast broadband bundle for £39 per month (£13 for the first month).
Now read: The most cost-effective TV streaming services – and password sharing opportunities
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