Savings Hack: Periodically Monitor Your Online Subscriptions
Online subscriptions are more popular than ever, and while these subscriptions can enhance our lives, they can also lead to financial strain when not kept in check. Even with a busy lifestyle, reviewing all your subscriptions and the amounts you are paying is a great way to stay within budget.
Start by listing all your subscriptions with the monthly or yearly cost. If you are unsure, you can look through your bank statements (you may be surprised that you are paying for something you don’t need or use). A few commonly forgotten subscriptions can include software subscriptions, gym memberships, and cloud storage. It’s easy to lose track over time, so reviewing your subscriptions every so often is very important.
Stay on top of your annual renewals. A year can go by faster than you think, and whether you want to renew that subscription or cancel, knowing the cost and renewal date could help you avoid a financial crisis. An idea that may help keep your subscriptions in order is, upon subscribing, immediately add the renewal date to your calendar (a couple of days prior to the renewal date so you can cancel on time). Additionally, consider budgeting for your annual subscription fees monthly. For example, if a $12 monthly subscription were paid annually, it would cost $144. Budgeting for these items can help reduce financial stress when it comes time to renew.
The last tip to reviewing your subscription list is to evaluate the value of the subscription, meaning, is it worth it for you? Do you use it often enough? If you answer no to these questions, it may be worth canceling the service and putting that money back in your pocket.