38% of Consumers Will Cancel Subscriptions if Prices Rise. Should You?

If you pay for multiple subscriptions, you're not alone. Whether you've subscribed to streaming app services, software subscriptions, or monthly fitness solutions, these services can add up fast. Many companies have increased the prices of their subscriptions in recent years.

A recent Capterra study found that some consumers have had enough and are ready to cancel if price hikes continue. Canceling subscriptions can free up more money in your bank account. Should you wave goodbye to some of your favorite subscription services? 

44% of U.S. consumers are sick of subscriptions 

According to a Capterra study, many Americans are feeling subscription fatigue. Data shows that 44% of U.S. consumers are tired of using subscription services. One big reason is the impact on their wallets. The study found that consumers, on average, have three subscriptions at once and pay around $44 per month for these services. That's a lot of money. 

Some consumers are getting rid of unwanted subscriptions. In fact, 42% of respondents shared that they had canceled one of their subscriptions within the last three months. Of those who canceled, 65% said they did because it was too costly. 

Some subscribers have had enough of rising prices. Thirty-eight percent of respondents said that if one of their current subscriptions increased in price, they'd cancel the service. Since many products and services have become more expensive, it's no surprise that many consumers feel this way. 

Should you ditch some of your subscriptions? 

If you're feeling financial stress and are looking for a way to get some relief, consider reducing some of your monthly expenses. One way could be to ditch one or more of your subscriptions. Doing this could help you free up more money so you feel less strain. 

If you're not ready to ditch your favorite subscriptions, you may be able to save money while remaining a subscriber. Here are some suggestions that could help you save some cash: 

Switch to an annual plan: Some but not all companies offer customers a discount when they subscribe to a yearly plan. You'll need to pay the entire year upfront, but the total savings may be worthwhile. Check to see if you can get a deal by switching to an annual subscription. 

Don't ignore discounts: Some subscriptions may be available at a discount. For example, a student discount may be available to eligible college students. Verify that you're not missing out on any deals like this that could help you keep more money in the bank. 

Find a cheaper alternative: For some subscriptions, like software, you may be able to find a more affordable alternative. Ditching a more costly solution for one with a better price could be a win for your wallet. Research comparable products and services and their prices to learn more.  

Pause unused services: If you're not using one or more of your subscriptions, pause them. You're wasting money if you're continuing to pay a fee, but aren't using them. Many service providers allow customers to pause their services and pick it back up later. 

This study is a good reminder to keep your finances in mind. If you're feeling stressed because you have little money left over after paying all your monthly bills, it may be time to review your spending. Trimming extra expenses like subscription costs could make a noticeable difference. For additional ways to save money, check out our personal finance resources.