There’s a subscription for everything, from gaming to streaming to pre-packaged meals. And as convenient as all of these services may be, those “only $5/month” offers can quickly stack up and get out of control. In the video above, I share some of the techniques I use to keep my subscription budget in check.
Write it down, do the math
First, simply start by writing down every single subscription you pay for, how much it costs, and when it renews. I keep two notes on my phone, one for monthly subscriptions and one for yearly subscriptions. Add up the costs per month and per year, and the totals will likely shock you. Suddenly, “just $5/month” looks like a lot of money. Now you can start deciding what services you need, and which ones you can do without.
Cancel often, renew occasionally
The nice thing about most subscriptions is that you can cancel and renew them whenever you want. Do this often. No one is stopping you from paying for just a single month of Netflix, binging the new season of your favorite show, and then canceling. As an added bonus, companies will often offer discounts and incentives for you to renew.
Reminders are your friend
Speaking of canceling, always set a reminder for a few days before the subscription renews or the free trial ends. I always do this the minute I sign up for a new subscription. This lets you decide whether or not the subscription was worth it and saves you from accidentally paying for another month. I’d wager most companies secretly hope that customers will simply forget they signed up and just keep paying for a service they may or may not still use.
These are just some simple techniques I use to manage all of my subscriptions. If you have a system that works for you, let us know in the comments below.