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Jan 23, 2015 6:04 PM in response to Bluttzby stevejobsfan0123,Settings > iCloud > Storage > Change Storage Plan.
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Jan 23, 2015 6:15 PM in response to Bluttzby levelUp_Josh,Here's an official Apple support article for it:
Downgrade your iCloud storage plan
You can decrease the amount of storage by selecting a new plan right from your iPhone, iPad, iPod, Mac, or PC (for example, a 20 GB plan to replace a 200 GB plan). The downgrade will take effect after your current monthly or annual subscription ends.
iOS:
- If you're using iOS 8, go to Settings > iCloud > Storage. If you're using an earlier version of iOS, go to Settings > iCloud > Storage & Backup.
- Tap Change Storage Plan.
- Tap Downgrade Options and enter your Apple ID password.
- Choose a different plan to use when your current storage plan expires.
- Tap Done.
OS X:
- Choose Apple menu > System Preferences, then click iCloud.
- Click Manage in the lower-right corner.
- Click Change Storage Plan in the upper-right corner.
- Click Downgrade Options.
- Enter your Apple ID password, then click Manage.
- Choose a different plan to use when your current storage plan expires.
- Click Done.
Quote from: iCloud storage upgrades and downgrades - Apple Support