Some New Members Will Pay $180 per Year for Amazon Prime. Here's What You Need to Know

Some new Amazon Prime members will pay $180 per year. But you may be able to save more than $40 by taking this step.

Amazon Prime makes shopping more convenient and less stressful. With free, fast shipping and the ability to order products online within a matter of minutes, it's no wonder why so many people pay to use this service.

But as of Feb. 18, 2022, new Amazon Prime subscribers will pay more to become members. You may have heard about the yearly membership price increasing from $119 to $139 -- but some members will pay even more than that. Here's what you need to know about this price change -- and how you can avoid paying more than necessary.

Some new members will pay $180 per year

We've already discussed the new annual price -- a jump of $20. But Amazon also offers monthly memberships. Members are billed once per month with this plan instead of only once per year.

A monthly subscription may be a better option for some consumers because it breaks down the total yearly cost into smaller increments. But Amazon charges more for this convenience, meaning members pay more money over the course of a year.

New subscribers will now pay $14.99 for a monthly Amazon prime membership. Previously, a monthly membership came with a $12.99 price tag.

At the new rate, members will pay $179.88 per year -- nearly $180. That's an additional $40 every year compared to the price that new annual subscribers pay. It's a significant difference that impacts your bank account balance.

How to avoid unnecessary extra costs

If you're an existing Amazon Prime member, you won't see a price change until after March 25, 2022, at your next renewal date. If you're currently a monthly subscriber, you may want to think about switching to an annual plan. Doing this could save you some money.

If you're not a current subscriber but hope to become one soon -- keep these membership price differences in mind. If you don't have the funds to drop $139 on a yearly membership right now, you may want to wait until you can save up more funds to cover the annual cost. By committing to a yearly Amazon Prime membership, you can save yourself more than $40 per year.

How to get the most out of your Amazon Prime membership

Whether you already have a Prime membership or are thinking about springing for one, you may be able to maximize its value by taking advantage of hidden perks or by following cost-cutting hacks.

These tips may help you get the most out of your subscription:

• One Little-Known Way to Score Great Deals on Amazon
• Here's How Students Can Enjoy Amazon Prime for Less
• Amazon Prime Memberships Will Soon Cost $139 a Year. Here Are 5 Ways to Get a Discount
• 10 Little-Known Perks of Your Amazon Prime Membership

You work hard for your money, so it's worthwhile to find ways that help you keep more money in your pocket.

Are you looking for ways to trim costs in your everyday life? Check out our personal finance resources.