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While we are starting to see a light at the end of the tunnel of this pandemic, there are still some financial uncertainties. It’s time to cut down on your expenditures, which means you need to track and save money on subscription services.
Yes, this includes your Netflix or Hulu subscription. It certainly includes Amazon Prime. And yes, that monthly Knotty Knickers box that you adore has to be included. You’ll even want to include your YogaClub or Bullymake boxes.
It’s may sound a little daunting at first. You may even really not want to give up something, but it’s time to be honest with yourself.
And remember this is temporary. As your income goes back up, you can start adding some of the subscription services back in. Just be better at tracking them all.
Make a list of all the subscription services you have
The first thing to do to save money on subscription services is to track them. You need to know how much you spend on any type of subscription each month.
Go through every single account. Note down each subscription and the price you spend.
We have three different cards our subscription services come off. Some are just for me, some are just for my husband, and some are in US dollars so they come off the US credit card to save on the exchange rates.
It took me time to make a note of everything, but it’s worth it. You start with an honest view.
Have you doubled up on a subscription service?
Something that we found was that we were paying for two Spotify accounts. I realized we could save a little bit of money on these accounts. Because we live in the same house, we can get a Duo account.
So, my husband canceled his Spotify and then combined it into mine. It’s a $5(ish) per month saving. While that doesn’t sound like a lot at first, it is in the long term. That’s $60(ish) in our pocket.
We also found out we had two social media schedulers on the books. Now, at one point we needed both. They offer slightly different things. But my husband’s job has changed now. It’s just me doing the social media. So, it was time to cut out the subscription service that was a waste of money.
MORE: Could having multiple savings accounts be good for your goals?
Do you need the subscription services?
Once you track them, you need to look at how to save money on subscription services. This is where you need to get honest. Click for source on how to successfully do this.
We cut out all the subscription services we don’t use at all.
Recently, I completely canceled YogaClub. As much as I used to love the clothes, the quality of the leggings was horrendous. The stylist wasn’t listening to my dislikes, so I decided it was time to completely cancel.
There was another fan subscription box that became a disappointment. So, that was the next to go.
Look through each of the subscriptions and determine if you really need them. Could you cut back to one every two or three months instead of one per month? You still get something you love but you cut down.
Netflix, Hulu, and other streaming services can suck you in. You think there’s going to be something you want to watch each month.
I’ll admit that if it wasn’t for the kids or work, I wouldn’t have Netflix or Disney+. I prefer the content on Amazon Prime and Crave (a Canadian streamer). I watch something on each of these at least once a week, if not more. I’d get Netflix for the months when something I do want to watch is new (like The Last Kingdom ($) or The Witcher) but I wouldn’t spend the $14.99 every month.
It’s okay to be honest with yourself about these things. Streaming services are cheaper because you don’t have to have them for a whole year. You’re not tied into contracts. You can easily save money on subscription services.
Consider using TrackMySubs to save money on subscription services
There are programs out there that will help you track your subscriptions. And they don’t have to be another cost!
TrackMySubs will help you track your subscriptions each month. You can track up to 10 for free. You’ll get an alert when the new subscription is coming out so you can determine if it’s still something you want to keep.
I did find I needed to add my subscriptions manually, so that meant I actually had to remember them. I found just going through my credit card statements easier.
MORE: 5 tips to save for maternity leave
What do you do to save money on subscription services? Let us know in the comments below.
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