Here's how you can lock in a lower Amazon Prime rate before prices increase on Friday

The cost of living has gone up dramatically in recent months, and now for an estimated 76 million households, their Amazon Prime bill will be slightly higher soon.

However, if you purchase a year-long Amazon Prime subscription before Friday you can still lock in the lower rate. And, it's even possible to secure the lower price for years to come.

Select details what the new price will be and how you can save on the online retailer's popular subscription service.

A price increase for Amazon Prime was announced during Amazon's Q1 earnings report. The price change will go into effect on Feb. 18, 2022, and for current Prime members, the new price will apply after March 25, 2022, on the date of their next renewal.

An annual Prime subscription will go from $119 to $139. For those who subscribe on a month-to-month basis, the price will be increased from $12.99 per month to $14.99 per month. The Prime Student price is also reportedly going up from $59 per year to $69 per year.

This comes amid rising operating costs for the retail giant. And this isn't the only subscription service hiking prices, as streaming services like Netflix and Hulu have done the same in recent months.

If you don't regularly use Amazon Prime but still pay for it, it may be prudent for you to cancel the service and delete that line item off your budget. It's very likely you know someone that has Amazon Prime, and you can easily split the cost of the premium service. My family and I all split the cost of Prime and share one account between the three of us.

However, if you cannot bear the idea of not having two-day shipping, there are some quick ways to save on the cost.

First, you may consider signing up for a free 30-day trial if you don't already have Amazon Prime. If you don't utilize the service during the trial, simply avoid renewing.

If you already have the service or want to sign up for the first time, you can lock in the current price of $119/year. All you need to do is purchase a "Gift of Prime" membership for yourself, which essentially allows you to buy a one year Amazon Prime membership at the current rate. After you've done this, set your subscription to not auto-renew. Once your membership expires, you can apply your purchased one year membership to your account. You can purchase multiple Gift of Prime memberships and lock in the lower rate for years to come.

If you're looking for a completely free Prime membership, select Metro by T-Mobile cell service plans give complimentary access to Prime.

Lastly, if you're sure you want Amazon Prime, it may be advantageous to sign up for the Prime Visa (see rates and fees). The card comes with a $150 Amazon Gift Card instantly upon approval exclusively for Prime members, so the gift card would be good way to offset the cost of the subscription.

Online shopping has become a way of life, especially during the last two years of the Covid-19 pandemic. However, that convenience comes at a price. While a $10 or $20 per year increase doesn't seem like much, those small changes in your spending habits can make a large difference down the road.

Clarification: A previous version of the article was published before some of the citations were added.

Catch up on Select's in-depth coverage of personal finance, tech and tools, wellness and more, and follow us on Facebook, Instagram and Twitter to stay up to date.

We may earn commissions from qualifying purchases made through Amazon links.