Skip to main content

The Skinny on Subscriptions

Man using his laptop to review monthly spending on subscription services.

We have a budget-slimming idea to get some quick feel-good results – review what you’re spending on subscriptions. Take stock and consider whether or not you are getting the full value or if there’s a budget-boosting opportunity to trim some excess. Any expenses you can reduce or eliminate will earn you extra cash you can use to pay down debt or deposit in your savings account.

Awareness is key

Technology has enabled new ways of communicating and being entertained like monthly expenses for internet, mobile phones, cable TV or a landline too. These services can be hard to cut back but it's worth it to shop around for the best value.

Consider taking a closer look at entertainment add-ons, online newspapers, magazines and membership-type subscriptions like gyms or roadside car services. Did you sign up for automatic deliveries of food or treats that are conveniently dropped at your door? All these options add up.

Many subscriptions cost less than $20 a month so it may seem like a small expense at first. Even if you think you’re getting good value, give it a second thought every once in a while to get a good understanding of your total monthly costs.

There’s an app for that

All you need is access to your recent transactions and credit card statements. You can use pen and paper to create a spreadsheet, or you can try out free subscription tracker apps to isolate and monitor these expenses. By reviewing your monthly and annual pre-authorized transactions, you can identify your subscription services.

You’ll see how they add up quick, or maybe you forgot about a few. Most subscriptions are easy to cancel online. You can always re-subscribe later and sometimes at a better price.

The final weigh in

Subscription services can quietly impact your monthly budget, often for smaller amounts that can easily be overlooked. These fees also tend to increase over time. They key is to know how much you are paying. If you are thinking about slimming down your spending, cancelling subscriptions you don’t use or need is a great way to get fast results.

At Saven Financial, we’re passionate about helping people save so our members can achieve their goals through smart saving.

Stay ahead with SavenSmarts!