We understand how tempting it can feel to sign up for a subscription, and that’s because the pricing model is highly effective in today’s market, wherein demand is constantly changing according to the latest trends, which allows more transformative products to shine. As a result, paid-subscription news websites are increasingly popular. The likes of Netflix never fail to disappoint by providing users with a steady stream of new shows, movies, and animations spanning all genres and niches.
However, despite the relative convenience of subscription-based services and products, they aren’t the most agreeable when considering their impact on money management because these are recurring payments every month. And while the numbers may appear inconsequential when accounting for the expenses incurred offset with your take-home pay, these costs can quickly add up and drain your extra income, most of which could’ve been appropriated for more productive use-cases.
Evaluate Their Utility and Productivity
Most people are guilty of hoarding way too many subscription-based applications, software, and services, and although they might think they need them, they only use a select few regularly. That being the case, you want to evaluate the utility and productivity provided by every subscription you currently have on both your mobile phone and the personal computer to discern which ones are of greater importance and the remainder you can afford to cancel.
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Does It Help You Finish More Work?
Nowadays, it’s close to impossible to find anyone who isn’t busy, and given the fears of inflation spiking again, securing a sustainable livelihood and place of employment is essential in maintaining financial security. So, if any of your digital subscriptions assist you with completing work responsibilities or help finish specific task assignments much faster, then you can keep them. But, if these subscriptions work against your productivity, you might want to think twice about having them with you all the time.
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Does It Educate And Update You on Current Events?
Apart from productivity-related services and applications, any subscription that seeks to enrich your knowledge and update you on current events is equally important. Knowing your way around the latest developments worldwide helps reinforce better decision-making skills, most especially if these events directly affect the industry of your business or workplace. In contrast, if said subscription fails to hit both marks on current events or productivity, it has only one question left before seeing the cancel button.
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Does It Provide Peace of Mind and Relaxation?
Not all subscription services are meant for productivity, and that’s because many of these serve the purpose of providing peace of mind and relaxation, helping you unwind after a hard day’s work. For example, you might enjoy listening to audiobooks through Audible in your free time as therapy or rehabilitation for pornography addiction, both being excellent investments. However, if any of your subscriptions only stress you out and offer nothing but dull pastimes, then please consider cutting them off to free space and budget.
When It Comes to Recreation, Stick to Apps You Use Daily
Recreation and entertainment sourced from subscription services are pretty tricky to navigate. While some would justify them as a tool for offsetting stress, you could also argue that you don’t need multiple subscriptions to achieve such a goal when many affordable alternatives exist. Specifically, what you want to avoid is (1) availing every possible streaming service known to man and (2) following trendy gimmicks that are just unsustainable.
- Don’t Avail Every Possible Streaming Service: There’s nothing wrong with getting access to Disney+ for rewatching Marvel’s Eternals, but if you add on the cost of Amazon Prime, HBO Max, Hulu, and many others, you can spot out where this idea falls apart. Realistically speaking, you won’t even have enough time to watch every piece of media available on each platform before the next list of shows comes out, so you’re better off sticking to one.
- Trendy Gimmicks Aren’t Sustainable: Subscription services built from trends and hype are fun to follow, but don’t expect them to last very long unless they’re backed with solid business sense. Sure, you could opt in for a couple of months to see where things go and play it off as a fun little escapade, but we advise against long-term sticking with any of these gimmicks.
Clean Up Your Subscription Box to Save More Money
Most of us have subscription services we could do without, and considering that canceling a few can help save more money, it’s time you go over which ones to keep and the others to bid farewell. At the end of the day, you might not even notice any considerable difference minus a few extra subscriptions, and that extra money saved can go to more apt investments like growing your portfolio or injecting more capital into your startup.