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This is an image that went viral recently and it coincides with a topic that I’ve been wanting to write about. 

These days you can get a subscription or membership for just about anything. For a fixed monthly price, you can get any product delivered to your house, work, inbox, tablet, phone, or computer. Subscriptions can be convenient. They seem fun. They often promise enjoyment, more time for you, peace of mind. While initially they might appear low cost, they tend to be a purchase people forget about and in the aggregate take a chunk out of the budget. Ten dollars here, fifty dollars there… next thing you know $400 (or $834!!!) is being automatically withdrawn from your bank account or charged to your credit card. And, what happened to the peace of mind and time for you?! When I look at the image, I wonder how that person has time to enjoy all of those different services. 

It’s okay to have subscriptions (we do!) but be mindful about which ones you have and whether they accomplish your goals or align with your values. Every now and again, take a moment to review your banking statements for subscriptions and assess whether you’re using them and getting the value you intended. If you have Netflix, Hulu, HBO, ESPN, and Comcast, consider whether you’re actually using all of them and getting value in return.  Sometimes subscriptions and memberships are just a way of paying for novelty (e.g. beauty boxes, meal kits, household cleaning products, etc.). 

So, how do I reduce my subscriptions?

1.     Go through your bank statements and make a list of all of the things or places to which you subscribe or have a membership. 

2.     Are there any redundancies you can eliminate (e.g. Hulu and Amazon Prime and Netflix; Costco and Sam’s Club)? It’s okay to cancel one for now, knowing you may renew it later—a lot of the subscription services do not reward loyalty, so cancel if it’s not useful now and sign up again later if it becomes something you want later.

3.     Those companies that do reward loyalty? Give them a call and see if they will reduce your bill. Explain that you have been a customer for a long time and would like to remain one. 

4.     Those subscriptions you want to keep: Think “do I use them enough to get my money’s worth?”

5.     Be wary of subscription boxes. Some subscription boxes get you to pay to sample a bunch of products just to spend more money on those products (Remember when samples were free?!). Instead, buy things you truly enjoy, that you’ve researched, that you know are good quality. Quality over quantity almost always wins. And in your budget, quality often means you have to wait a little longer to have something, but that you’ll have it available for a lot longer.  

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