As many people stay at home due to COVID-19, some people may be turning to subscription services for convenience, safety, entertainment and to keep busy. And it's very easy to see why. So many people are probably wondering how to save money on subscriptions right now.
A significant number of subscription services out there market something of convenience with 'reasonable' price tags. But experts caution that although these services might seem appealing, they can wreak havoc on people's finances especially for those living from paycheck to paycheck.
It's not uncommon to find people saying they lost hundreds of dollars to subscriptions every month. With recent studies showing that most subscription service providers witnessed a tremendous surge in the number of subscribers over the last few months, we don't want you to lose your hard-earned money.
So in this post, we share six practical ways to save money on subscriptions.
Double Check All Your Subscriptions
Some subscription services provide free trials to lure people. But once you subscribe it's very easy to forget to unsubscribe once you stop using.
So rather than waiting until you get shocked by your latest billing statements, take action right now. Make a list of all your active subscriptions. Set reminders for the free trials to avoid getting trapped in a subscription you can't afford or don't intend to use.
Track monthly charges and sum up how much you're paying. You will be surprised by how much money you may be losing to a subscription you don't use or need anymore.
Once done, make it a habit to check your statements to make sure you're being charged the correct amounts.
Cancel What You Don't Use Or Need
This is the best way to save money on subscriptions. After making a list, cancel the subscriptions you don't use or need. If you don't know how to decide ask yourself whether you've used any of them within the last seven days.
Alternatively, look at it like visiting a grocery store. If you buy something, you want to use it right away. Your subscriptions should follow the same principle.
And as mentioned earlier, be careful with free trials because, after 7 to 30 days, you're more likely to start losing money in sneaky charges.
Eliminate Overlapping Services
Now that you have canceled unused subscriptions, it's time to get rid of overlapping services. Take for instance someone using platforms offering the same services such as Apple Music and Spotify, or Hulu and Netflix. You can save lots of money by limiting yourself to one service.
Split Services Among Friends Or Family
One of the best ways to afford various subscriptions is to pull resources. For example, if you're interested in two video streaming service providers, you don't have to bear the cost alone.
Talk to your friends or family about splitting the service. You can even gather in one place to watch your favorite shows.
Include All Subscriptions In Your Budget
When creating a budget, some people forget to factor in their subscription services. This makes it difficult to track all their expenses. Others even ignore the cost because it seems too little.
But if you want to remain two steps ahead of any charges, be sure to include all these extra costs next to each other. This will help you save money on subscriptions and also help you decide whether certain services are worth paying for.
Subscription services can be very convenient. And at a time like this when people stay at home for many hours, they can be necessary.
But if you're not careful, subscription services can hit your wallet in many ways that you can't predict. By employing these saving tips, we hope you will be able to get value for your money and control your finances.