Monthly subscriptions are recurring payments for products or services like Netflix. Over time, subscriptions can really add up!
Monthly Subscriptions Add Up Over Time
With a monthly subscription, you pay a set amount each month in exchange for access to the product or service. The payment is automatically charged to the person’s credit card or bank account each month, and the subscription continues until the person cancels it.
Monthly subscriptions are a convenient way for people to access products and services they use regularly, but they can also be a source of shocking overspending.
People often sign up for too many and forget about them, letting the monthly subscription continue to charge their bank or credit card account. Many also forget to cancel subscriptions they no longer need or use.
Here are the 10 most common monthly subscriptions:
Streaming services (Netflix, Hulu, Disney+)
Food delivery services (GrubHub, DoorDash)
Music streaming services (Spotify, Apple Music)
Online shopping memberships (Amazon Prime)
Cell phone and internet services
Home security systems (ADT, SimpliSafe)
Personal care/beauty box subscriptions (Birchbox, Dollar Shave Club)
Virtual/online education/tutorial services (Coursera, Udemy)
Budget Your Subscriptions
People oftentimes sign up for too many monthly subscriptions and end up going broke.
Having too many subscriptions can add up quickly and become a significant portion of a person’s monthly expenses! This is especially true when people sign up for multiple subscriptions without fully understanding the cost annually.
Here are some tips to help you budget your monthly subscriptions properly:
- Make a list of all your subscriptions: Write down all of your monthly subscriptions, including the cost, so you have a clear picture of your expenses.
- Prioritize your subscriptions: Decide which subscriptions are the most important to you and which ones you can do without.
- Set a monthly limit: Decide on a monthly budget for your subscriptions and stick to it.
- Automate your payments: Consider setting up automatic payments, so you never miss a payment and avoid late fees.
- Review your subscriptions regularly: Review your subscriptions every few months to see if there are any you can cancel or reduce.
- Be mindful of free trials: Be cautious when signing up for free trials, as they often automatically convert to a paid subscription at the end of the trial period.
- Use cash-back rewards or discounts: Consider using cash-back rewards or discount programs when signing up for subscriptions to save money.
Every month, review your monthly subscriptions and make adjustments as needed – don’t go broke for these easy-to-sign-up-for subscriptions!
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