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Netflix, Amazon Prime, Sky TV, Cable, internet, gym memberships, etc., the list goes on! Let’s face it, there are many subscription services you might not be aware you were paying for. We have evolved into an automated society, and we have become used to paying for things from which we receive no value. Rather, you could be putting your hard-earned money somewhere else to build your wealth. I have been guilty of the same things, and I have even caught myself paying for 3 gym memberships at one point! I quickly cancelled this though and fortunately it was not a costly mistake, but I had to take responsibility nevertheless. Still, this article isn’t to single out or condemn subscription services because some actually do provide excellent value, but if you are not using the service and wasting money, then you should consider saving or investing in things that really matter to you.
Deciding Which Subscription Services to Keep
If you were to total the services mentioned above, you could easily be paying on average $150-$250 a month, so review your financials to work out how much you are paying monthly in subscription services and multiply it by 12. Firstly, make a list and cross out the services you pay for but never use and cancel them immediately. Secondly, circle the services you always use, and if you feel you are receiving excellent value from these businesses, keep the subscriptions going. Thirdly, if there are any services you are having second thoughts about, consider what other cheaper options may be available or cancel them as well! Last but not least, total up the amount of money from all the services you are going to cancel and have a goal for that money! Maybe you just want to save more, put more money in your retirement account, or maybe you can use that money to pay off some existing debts you may have. At the end of the day, you can choose to spend your money however you want, but if you are not receiving value from the goods and services you purchase consider re-evaluating your habits.
What subscription services have you been paying for and not using?
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