A Yachtie's Guide to Personal Finance

Check yo Subscriptions

This message goes out to everyone, check your subscriptions. The amount of money flying out of some wallets to pay for subscriptions is crazy.  This will be a short but important post which will hopefully even free up some more money for ya’ll.  This ‘extra’ money could even be used to start investing, imagine that!

We all have some subscriptions that we need, such as a phone bill or a gym membership but really take a look at what you are signed up to and check how much money is coming out of your account each month for these things.  You might be surprised at the amount you are spending without realising it.  People I have met have subscriptions to platinum credit cards they have never used, car detailing services they never use and online services such as Final Cut Pro, that, you guessed it, they never use.  When analysing these subscriptions ask yourself;

  • Do I need it?
  • Do I use it?
  • Could I downsize my plan?
  • Is there another provider at a lower cost?

And, if you no longer need a service make sure you cancel it, companies want you to forget about subscriptions so they continue to be paid, be proactive and check on this stuff as it can really add up over time. 

My only paid subscription is to Spotify, all my others are free or are only used when I have internet access.  My partner and I share an Audible account on which I just buy the books I want and she takes the free credit every month.  I am lucky enough to have a paid for phone plan but if you have to pay for your own check if you are using all that you are buying.  Do you use all the minutes, texts or data? If not, can you downsize? Or, can you use another provider that offers the same service at a lower cost? I know it seems petty and annoying to do these things but automatic subscription payments can add up. 

Oh, and by the way, I ‘borrow’ my friends Netflix account, so try and do that too if you can!

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