Save Hundreds by Cancelling Subscriptions
Happy New Year, everyone! As we ring in the new year, it's typical to make resolutions, many of which revolve around achieving financial security.
As we embark on a fresh start, one straightforward step towards improving our financial management could save us hundreds in 2023: canceling unnecessary subscription services.
Subscriptions can quickly accumulate and are often forgotten or overlooked (just like when I discovered I had been paying $20/month for Adobe for 15 months).
However, the truth is, these subscriptions can put a significant dent in our finances if we're not careful. According to recent research, the average household shells out over $300 per month on subscriptions and memberships - that's a whopping $3,600 per year!
So, how can we start saving money in the New Year by canceling monthly subscriptions? Here are a few strategies to kick-start your journey.
Finance Hack 2023
Bank account assessment:
Review your bank statements thoroughly to identify all automatic payments linked to your subscriptions.
Monthly budget planning:
Dedicate a part of your budget to manage your subscriptions. If a service doesn't fit within your budget, consider canceling it.
Consult a financial advisor:
They can offer professional advice on how to manage your subscriptions and save money more effectively.
Review your savings account and checking account:
Check if any subscriptions are linked to these accounts and decide whether they are worth the expense.
Consider your brokerage account:
If you're investing in the stock market, money saved from canceling subscriptions can be used to bolster your investments.
Now, let's get started with some essential steps!
3 Steps to Save from Cancelling Subscriptions
#1 Make a list of all your subscriptions.
The first step is to get a clear picture of where your money is going. Take some time to make a list of all the subscriptions you have, including streaming services, magazine subscriptions, gym memberships, and any other recurring expenses.
This is obviously time-consuming and why many people don’t bother doing this step in the first place. That’s where ScribeUp comes in handy.
Within seconds, ScribeUp can find all your subscriptions on your credits and debit cards so you don’t have to manually do it. And, not only does ScribeUp find all your subscriptions, but we also ensure you’ll never get caught with an unwanted subscription charge ever again.
How’s that for a 2023 victory? Click here to find out more about ScribeUp and learn more on how to cancel and manage your subscriptions on every device! (iPhone, iPad, android…)
#2 Evaluate which subscriptions are worth the cost.
Now that you have a list of your subscriptions, it's time to assess their value. Are you actually using the service or is it just something you signed up for and forgot about? Are there any alternatives that might be cheaper or offer more value for your money?
With ScribeUp, you can easily do this by flagging subscriptions that you want to keep or cancel. ScribeUp will show you how much you are spending on the subscription for you to properly evaluate if it is dollars worth spent.
Because you can see all your subscriptions in one place with ScribeUp, if you have multiple subscriptions that offer similar services, you can consider choosing one.
For example, if you have multiple streaming services, you might be able to save money by canceling one or more of them and just sticking with the one that has the most content that you actually watch.
And, ScribeUp quickly lets you cancel or keep these subscriptions with a click of the button so your decision doesn’t require any manual changes — wow, saving time AND money!
#3 Set a budget for subscriptions.
Once you've gone through the process of canceling unnecessary subscriptions and consolidating or negotiating the ones you're keeping, it's important to set a budget for future subscriptions.
Determine how much you're comfortable spending each month on subscriptions and stick to it. This will help you avoid overspending and racking up unnecessary expenses in the future.
Luckily you can do this with ScribeUp! ScribeUp has an easy-to-use dashboard that has everything you need to track and review your subscriptions.
ScribeUp will continue to protect you from unwanted subscription bills while also giving you the freedom to try new subscriptions — and enjoy them without the fear of forgetting about them!
Canceling subscriptions might not be the most exciting way to start off the New Year, but it's a simple and effective way to save money and improve your financial stability.
By taking the time to evaluate your subscriptions and make conscious decisions about what you're willing to pay for, you can start the year off on the right foot and set yourself up for financial success in the months ahead.
Remember, every little bit counts, and every subscription you cancel is one step closer to reaching your financial goals. So don't be afraid to make some tough decisions and say goodbye to those unnecessary expenses. Your wallet (and your bank account) will thank you.