Living on a budget: Which subscriptions can stay and which ones should go?

Which subscriptions can stay and which ones should go?

Subscriptions are a convenient way of paying for things with less trouble, especially if we are amid a pandemic and would rather pay our bills without having to leave our house. But not being organized with these expenses can really hurt your budget. Which subscriptions can stay and which ones should go?

2020 was a year when many people who previously did not dare to do things online have started to do so. Paying bills, doing paperwork or online shopping are some of the things that are common today, after having had to stay home for so many months

Online operations have multiplied over the last year, and even the person who most resisted using apps and the internet to buy things and pay for services has begun to do so.

There's a subscription for almost everything we use, and automatic billing is very convenient, but sometimes it’s hard to keep track of our expenses. Use the steps in this article to help you evaluate your spending, and make changes to your budget and mindset.

There's a subscription for almost everything we use: cable, gym, wifi, Netflix, or music streaming.

1. Organization

Your first step should be to list out all of your subscription services and your billing dates. Then, calculate the total amount you spend on all of your subscription services in a month. This way you’ll see whether you are overspending or not.

To know how much you should be spending, it is necessary to have set up a budget to have a clear idea of how much money you need for the necessary expenses, and how much you can use for non-vital expenses. Some of these subscriptions will correspond to real needs (such as having an internet connection if you work online) and others will only be wants, which you’ll need to reduce if you are going over budget.

2. Reduce subscriptions

If you are overspending and it’s negatively affecting your budget. So, you need to figure out if you can cancel or temporarily pause any of your subscriptions, based on what we mentioned before. Ideally, there will be some subscriptions that you can cut for good.

If you feel you can cancel a subscription do so, you may be offered a discount code or coupon to bring you back

3. Check your subscriptions

Though setting up automatic billing is convenient and, for some people, necessary, you should check on the amount you are spending every month. Prices may change or you may have forgotten to cancel a subscription you don’t need anymore.

Many times we take on free trials, which we must remember to cancel before the final date of the offer. So, remember to set a reminder if you don’t want to start spending money instead of saving it.

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