There are so many different paid subscription services out there these days. These services can include beauty boxes, meal prep kits, streaming services, fitness memberships, and so on. Paid subscriptions can add up really quickly, and next thing you know, you’re paying hundreds of dollars per month on a ton of different services you might not fully utilize.
You might need to dig through your payment card statements to identify all of the services you’ve subscribed to. If you use a budgeting application (such as Mint), it might have a feature to list your subscriptions. It is always good to double to check your statements just in case something gets missed. List out all of the subscriptions, whether they’re billed monthly, quarterly, or even on an annual basis. There may be times when you don’t realize you’re paying for something you’re not using until you’re digging through your payments, line by line. Some services we’re subscribed to includes Netflix, Spotify, and LinkedIn Spotlight.
Do you actually use the services you’re subscribed to? This is different than taking full advantage of it. How often do you watch shows and movies on Netflix? You don’t need to be on it every day, just enough where you feel satisfied with making your money’s worth. It’s about finding that right balance. If you’re subscribed to two or more services within the same category (e.g., Spotify and Apple Music // Netflix and HBO Max), you might want to reevaluate whether it makes sense.
If you don’t see yourself using the service in the upcoming months, it’s okay to unsubscribe. I do it all the time with HBO Now, where I’d only subscribe when I wanted to watch a bunch of things at once. Otherwise, it’s a waste of $15/mo when I don’t plan on using it. However, you need to be mindful if there are cancellation fees. If that is the case, you might want to think twice before subscribing in the first place.
Often, annual payments look really attractive where it appears to be cheaper every month while being committed to the yearly lump sum. However, paying on an annual basis is worthwhile if you do plan on utilizing the service. At the same time, the annual payments can appear to take a big hit at once.
Sometimes, it is easy to say, “it is just $10 per month”. If this is said across multiple services billed per month, it adds up really quickly. You can end up spending hundreds per year on services you don’t utilize, which can be spent on more worthwhile things you can enjoy.
Have you reviewed your subscriptions lately?