Americans are living in the streaming era, and increasingly paying the cost.

It's not uncommon to have upwards of five different subscriptions for services like Netflix, Hulu and Max just to watch TV. Many Americans also have a Spotify, Apple Music or other music subscription.

But you may be able to save money on your subscription costs by paying annually, rather than monthly. If you're able to afford the $139 upfront cost for Amazon Prime, for example, you'll save around $40 over the course of a year, compared with monthly payments.

While the savings from switching just one subscription from monthly to annual probably won't affect your budget much, if you're able to change plans for a combination of services, the total adds up.

If you subscribe to Amazon Prime, Hulu, Peacock, Max and Apple Music, you could save close to $120 annually by adjusting when you pay.

See the difference in costs for nine popular services below.

Amazon Prime

• Monthly membership cost: $14.99
• Annual membership cost: $139
• Total annual savings: $40.88

Hulu (with ads)

• Monthly membership cost: $9.99
• Annual membership cost: $99.99
• Total annual savings: $19.89

Hulu does not offer an annual plan for its ad-free tier.

YouTube premium

• Monthly membership cost: $13.99
• Annual membership cost: $139.99
• Total annual savings: $27.89

Peacock

Premium

• Monthly membership cost: $7.99
• Annual membership cost: $79.99
• Total annual savings: $15.89

Premium plus

• Monthly membership cost: $13.99
• Annual membership cost: $139.99
• Total annual savings: $27.89

Max

Ad-supported tier

• Monthly membership cost: $9.99
• Annual membership cost: $99.99
• Total annual savings: $19.89

Ad-free tier

• Monthly membership cost: $16.99
• Annual membership cost: $169.99
• Total annual savings: $33.89

Apple Music (individual)

• Monthly membership cost: $10.99
• Annual membership cost: $109
• Total annual savings: $22.88

Disney+ premium

• Monthly membership cost: $15.99
• Annual membership cost: $159.99
• Total annual savings: $31.89

However you're paying, it's a good idea to take stock of all your subscriptions and know how much you spend each year. Many media consumers find they're paying more for subscriptions than they think.

In fact, a 2022 study by C+R Research found Americans underestimate their own total monthly subscription costs — including for streaming and other services — by an average of $133.

One major way to save on those subscription costs is simply to hit unsubscribe on one or more. An annual subscription audit can show you which services you actually use and want to keep paying for.

Disclosure: Peacock is owned by Comcast NBCUniversal, the parent company of CNBC.