This week I saved £57 in a couple of minutes – how did I do it? Welcome to “soft-cancelling”, a genuinely straightforward way to save money on your subscriptions. Want to know how it works? Read on…
As we head into a new year, most of us will be looking for quick wins when it comes to saving money (especially during this current C**t of L****g Cr***s…)
But let’s be real – such quick wins are few and far between. Short of going on OnlyFans and posting pictures of your feet to appeal to the stranger corners of the internet, it can be hard to find new and effective ways to conjure up more money that we don’t already know about.
So I’m going to be putting the spotlight on various money saving and making strategies over the coming weeks to see how they stack up. First up, I’m glad to be kicking off with one that’s flying under the radar, and yet could be a real doozy.
Have you ever tried “soft-cancelling”?
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This is my word for when you go through NEARLY all the stages of ending a subscription, but stop just before you press the final cancel button in case you’re offered a better deal.
The beauty of this tip is that you can use it for subscriptions you actually want to keep, but would still like to save money on.
I put soft-cancelling into action this week – the free trial was due to end soon, so I logged into my online account and clicked on the ‘cancel my subscription’ button.
Don’t worry about pressing this button and ending your trial when you don’t want to. Companies always make you go through several stages before you finally cancel so they can try to persuade you to stay.
One of their tactics is to slash the price of the subscription. In my case, I was offered another three months for £3.
If I hadn’t done any of this, my free trial would have turned into a subscription charging £20 a month – hence my saving of £57.
I have also tried this trick very successfully with Amazon Prime in the past – newspapers, certain streaming platforms and food delivery boxes are three other good targets for “soft-cancelling”. See how you get on.
As always, it’s crucial to put the next cancellation date in your calendar so you don’t accidentally end up rolling onto the full price subscription.
Also, there’s no point keeping a subscription you’re not using, even if the price drops or the free trial is extended. £1 a month for something you don’t touch is still a waste of money.
So if it risks becoming a big fat white elephant in your bank account, get rid. It reduces the chances of you ending up paying for something you don’t want.
Otherwise, happy soft-cancelling!