Having an Amazon Prime subscription seems ubiquitous these days. At $139 per year, or $14.99 per month, the service comes with a steep price, yet it can still seem worth it thanks to the plethora of advantages it provides, such as convenience, fast and free shipping as well as streaming.
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Yet, some experts said that beyond the subscription price, there are also several reasons why cutting the service can save you a lot of money.
It Will Help You Stop Overspending
As Steve Sexton, CEO of Sexton Advisory Group, noted, the fact that Amazon Prime is accessible and incredibly fast is what makes it easy to overuse, which can lead to overspending.
“With Amazon Prime, quite literally almost everything is at your fingertips, encouraging consumers to spend whenever, wherever — which can be problematic if you don’t have self-restraint or have trouble following a budget,” said Sexton.
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It Will Help You Stick to a Budget
To decide if getting rid of your Amazon Prime membership will save you money or not, the first question to ask yourself is whether you make enough purchases to warrant that cost.
For instance, are the items you are purchasing items you truly need and does the cost fit into your household budget, argued consumer finance expert Tanya Peterson, vice president of brand at Achieve.
Ask yourself whether you could reasonably purchase items you need in person at a local retail store, she added.
“Remember the ‘old days’ when you made a list of what you needed at certain stores and then went to the stores once a week/month/etc. to purposely shop?” said Peterson.
You Might Not Need All the Benefits
For instance, Peterson said you might want to consider the entertainment component of Amazon Prime.
As with other entertainment subscription services, if you truly have favorite programs that you watch regularly, it may be worth it, she said.
“But if you could easily get by with other services you have — or a high-quality antenna and your local library’s services — you may be able to save money by eliminating Amazon Prime,” Peterson added.
In addition, consider the other services that come with the service, as many consumers don’t use all of them.
If, for example, you find yourself going to Whole Foods only because you have Amazon Prime — and might find something on sale for which you can use your membership — you’ll likely save more without it, she said.
Similarly, while Amazon Pharmacy may offer best prices on some medications, it’s not a reason in and of itself to have Prime, since you can use it without being a member, Peterson explained.
It Can Help You Avoid Impulse Shopping
As Justin Haywood, CFP, president and co-founder, Haywood Wealth Management, said, when your Prime account is active, it makes it incredibly easy to shop and get immediate gratification.
“The convenience of fast, free shipping encourages impulse buying, leading to more frequent purchases,” he said, adding that without Prime, you’re more likely to pause and reconsider before making a purchase, which can cut down on unnecessary spending.
Sexton echoed the sentiment, saying that while going to a store might be more inconvenient. It gives most people time to think about whether they really need certain items.
Meanwhile, he added, with Amazon Prime, there is literally no barrier to purchasing any item that crosses your mind. Even for those who aren’t typically spendy, it can be too easy to give into impulse purchases you don’t need.
“For those who have trouble with impulse shopping, refraining from using Amazon Prime will most certainly save them money in the long run,” Sexton said.
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This article originally appeared on GOBankingRates.com: 4 Reasons Cutting Amazon Prime Will Actually Save You Money
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