I know I harp a lot on subscriptions; I mean a lot. But that\’s because there is a subscription model for just about everything now, and it causes so many people to have ghost expenses that fly under the radar because they are not handing over the cash or swiping the card.
It\’s so easy to lose track of the subscriptions you have. Now there are a lot of really good ones out there–but there are also so many more that are a complete waste of money.
Think about what subscriptions you have that cost you, even if just a little. So let me help you out; think about Disney+, Netflix, or Audible. If you still can\’t create a list, take a look at your bank or credit card statement. Once you determine how many you have, then determine how many of those that you have are actually essential. All those that don\’t add value to your life, cancel.
See how many of those charges hit last month and whether you can identify them–sometimes your credit card will allow you to cancel the subscription directly from your online statement if you choose to take action. Take a look at how much you spent on subscriptions in just one month, then multiply the recurring transactions by 12. This will give you an idea of what you spend per year on these subscriptions.
You may have some that have the specific purpose of keeping you in shape and monitoring your caloric intake or heart rate. Now you may have others that are games you never play or subscription delivery services for specialty products that you never canceled.
The recurring subscription model is one that, for companies, is very sticky, causing consumers to opt in for a free trial and then never cancel due to a typically low recurring cost. This is why so many companies have moved in this direction, allowing the customer to have flexibility with their product or service, meanwhile refraining from requiring commitments. Whether you look at where phones, tv, food, or other consumer goods have gone, many companies have embraced this model for longer lifetime value of a customer.
Now, this subscription era has led to luxury item use subscriptions like designer purses and luxury cars, proving that the application of this technique is endless.
But circling back on the question at hand, what subscriptions are essential, not only from a necessity standpoint but something that actually improves your world and your life by having it–something that has become an essential subscription that you now would not go without. Once defined, cancel the rest.
CTA:
My call to action today is to take this seriously, look at what you\’re opted-in for and determine what truly adds value and what needs to go.
