When You Are Paying Too Much In Subscriptions

Having different subscriptions for the things we like tend to make our lives easier. Companies have made it easy for us to keep these things readily available through such subscriptions. When we are estimated to run out, it is right there ready to be sent back to us. It is an amazing strategy for businesses, and also one less thing we have to worry about. However, could it be costing you more than you know?

Take Inventory

One of the easiest ways to see if we are spending too much on these subscriptions is to first take a look at what you have. Understand what you are spending and on what. If you are like many adults, you probably have at least 3 or more. It can be magazines, Amazon products, gym memberships, or even software. Whatever it is, write it down and figure out the monthly and yearly cost you are currently paying.

Evaluating Each Item

Once you have all of the items for which you are for sure paying every month or year, do a quick evaluation. Take each item and do a quick comparison, are you still getting the best price? Has it or something similar become cheaper since you first started getting it? Perhaps it is time to switch for the cheaper product or service. The other thing to check is the necessity. When was the last time you actually used the item or service you are paying for? For example, when was the last time you actually went to the gym? If the answer is a small or non-existent value, it is likely time to discontinue the service or product.

Story-time

The reason for bringing this topic to light is due to a recent experience. I use different software, relaxation, Amazon, and gym subscriptions. However, during budget reviews it becomes obvious there are misses. One of which was with our Norton Security annual subscription. I was charged over $100 to renew, but they are selling a better brand new product to customers for about $50. Needless to say, I was not happy spending double when I could have simply bought it brand new again for half the price! Luckily I caught it right when it renewed versus being out of luck when it goes past the 60 day grace period. I was able to talk with them and get them to honor the $50 price and refund me the rest. However, this is a prime example of how subscriptions and renewals can easily cost of far more money since we are not paying attention always. Take the time to check today!