Broker Check

Review of Subscriptions

| October 18, 2023

In our modern subscription-based economy, many services have switched from an annual or one-time payment model to a monthly subscription payment model, which can sometimes be friendlier on the budget but may end up costing the consumer more in the long run.  Such subscriptions can include cell phone bills, internet, cable and streaming TV, gym membership, car wash, or even subscriptions for recreational activities.

Often, these subscriptions can be forgotten or ignored, therefore causing the consumer to either continue paying for a service they are not utilizing or causing the consumer to pay higher fees through automatic increases in prices without even noticing it.

Therefore, it is important to take inventory of all subscriptions on a regular basis and determine whether you are still receiving value from the product or utilizing the service.  Eliminating any unnecessary subscriptions, finding alternatives, or modifying existing arrangements (such as scaling back if you don’t use it as often) may better suit your needs and can have a big impact on one’s budget. Eliminating wasteful spending on subscriptions that are on an automatic billing cycle can free up cash-flow for other financial goals.