subscription-hellow

4 Ways to Cut Subscriptions and Save Your Budget

Everywhere you look currently, there are services that are trying to sell a subscription. Some are enticing because of their low cost or they offer freebies such as trials and promotional items. Before you know it, you could pay more than your budgeting for. Below are some strategies you need to do now to take control of your subscriptions.

Set Reminders

Have you ever seen those promotions for subscriptions that say for the first 6 months it is only X dollars? This is an example of a promotion I saw recently for a subscription service. The catch though is after those 6 months they will bill you at their regular price, which could be double or triple the promotional rate. Unfortunately, this is a common sales tactic and they do not remind you before they charge your card on file. If the subscription service is offering a deal you want to take advantage you can set a reminder. Set a reminder on your phone or calendar to cancel before that trial or lower rate ends. If you truly do like the service, determine if the new regular rate is something you pay and budget for.

Pay for what you need

We live in an age where there is no shortage of easy convenient services and subscriptions. If there is a show on Netflix you wish to catch up on, sign up. Once your show has been watched on Netflix and you prefer to watch a different show on Hulu, why not pause your Netflix subscription and sign up for Hulu? This applies to almost any subscriptions such as:

  • Video Streaming Services
  • Meal Delivery Services
  • Gym Memberships
  • Warehouse Memberships
  • Clothing and Shoe
  • Music
  • Gaming
  • Premium Credit Cards
  • Premium Shipping
  • Cloud Storage

There are lots more but look at each one of these and consider what you require at this moment.

Buy instead of subscribe

When you are looking at subscriptions, you need to ask if adding a subscription is going to save you money vs buying the products/services you want outright. For example, if there is a movie on HBO Max you want to see, is it worth paying for a subscription or should you just rent the movie?  Perhaps there is an alternative to your gym membership that you rarely use. Two-day shipping is great, but do you need it all the time with Walmart+ or Amazon Prime vs paying for expedited shipping when you need it.

The point here is before you subscribe ask yourself what you want out of the subscription and does that price save you money instead of buying the exact services you need.

Set a Budget

I have said this many times before and like all subscriptions; it is important to know what you’re buying. Set a budget for items like groceries, clothing, and entertainment. If you set a budget of 50 dollars for entertainment, pick subscriptions that fit not only into that amount plus you get the entertainment you want. Do not be afraid to change what entertainment services you have in your budget but stick to your number. If you have a hard time getting all of your subscriptions to fit, it might be time to cut a few out or get creative. Maybe join in on a subscription and split the cost with a friend. Perhaps instead of paying for your music subscriptions find a free version. You might need to listen to an ad or two, but at least you keep your budget healthy.

Final Thoughts

With subscriptions costs add up fast and before you realize it you are spending more than you would prefer. Check what subscriptions you need that fit your current lifestyle and needs. Cancel or suspend the ones you do not use and keep the ones you do. Be creative to get your subscriptions to work in your budget if you can. Doing this will keep your budget so you can apply that money towards other goals.

Bonus List

Not sure what subscriptions you might be paying for? Below is a list of popular subscriptions. Remember that subscription plans range from product to product. I have subscriptions that are monthly, bi monthly, quarterly, yearly and one that is paid every 3 years.

  • Gym Memberships
    • Planet Fitness
    • 24 Hour Fitness
  • Video Streaming
    • Netflix
    • Hulu
    • Sling
    • Youtube TV
    • Apple TV
    • Disney+
    • Starz
    • HBO Max
  • Massage Services
  • Food Delivery
    • Doordash
    • GrubHub
    • Postmates
  • Grocery Delivery
    • Instacart
    • Shipt
  • Warehouse Memberships
    • Sams Club
    • Costco
    • BJ’s
  • News/Magazines
  • Meal Kits
    • Hello Fresh
    • Blue Apron
  • Cloud Storage
    • Google Storage
    • ICloud
    • Dropbox
  • Music Subscriptions
    • Pandora
    • Spotify
    • Amazon Music
    • Apple Music
  • Health Apps
    • Fitbit
    • myfitnesspal
  • Online Gaming
    • Playstation Plus
    • XBox Live

There are many more subscriptions out there, but as you can see above, the subscription cost can continue to add up quick.

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