Tuesday, 12 March 2019
By Megan Usher, Financial Adviser
By now you have probably heard or partaken in the decluttering trend. We think this concept can also be applied to your monthly subscriptions and those things you may be spending an excessive amount of money on. To help save yourself a bit of extra cash, here are a few tips on how to audit your subscriptions and cut unnecessary costs.
1. Keep a track of what you are subscribed to
Subscriptions start to take a toll on your everyday bank account when you forget what you’re subscribed to. Money can be deducted from your account each month without you really noticing it. Doing an audit of your subscriptions and keeping a record of everything that you’re subscribed to can go a long way in clearing these things up. How you go about keeping track of your subscriptions is up to you. Start writing a list, or choose an online tool or app to help keep track of everything in one place. This way, you’ll know exactly where your money is going, how much is being spent, and perhaps what things you could go without.
2. Remove any subscriptions that you don’t use
If you’re wondering how to cancel your subscriptions, it’s a lot easier than you might think. During your audit, you may find that you’re subscribed to things you don’t use or need anymore. Removing these subscriptions is a great way to declutter your bank account, and help keep funds up instead of down. You might be able to save money by simply switching to a cheaper and more suitable plan, rather than cancel completely. It can also be beneficial to figure out how to unsubscribe from an app that you no longer use. Whether that’s about saving money or just decluttering the amount of storage space you have on a particular device, it’s still a smart move to make.
3. Audit your on-demand services
Many of us sign up to multiple streaming services when our favourite show becomes available, but then we forget that we’re paying for multiple platforms. Not to mention that the series and movies available on these kinds of on-demand services are constantly changing. So, do you really need more than 1 TV on-demand subscription service? Perhaps you would be better off picking your favourite and most-used on-demand service and cancelling the other subscriptions. If you simply can’t live without one of them, another alternative is to choose a family sharing subscription to help minimise costs, rather than paying for them separately.
4. Re-evaluate your food delivery services
It’s easy to fall into the trap of ordering home delivery more often than you should. We all do it. But are you aware of exactly how much it’s costing you? Allocate some time to review how much you’re spending on these types of services. Then consider if there are cheaper alternatives, or whether it’s worth eliminating some of these from the equation altogether. Once this is done, you might find you have more funds to contribute to a savings account.
5. Review your bills constantly
This goes hand in hand with keeping track of your subscriptions. If you keep a constant eye on how much you’re spending on things like your phone bill, energy bill, and other regular payments, you can easily compare these against what else is out there in the market. This means you’ll instantly become aware when there is an opportunity to switch to a cheaper plan.
This article is intended to provide general information of an educational nature only. It does not have regard to your objectives, financial situation or needs and must not be relied upon as financial product advice. Before you act on this information, you should consider whether it is appropriate for your circumstances. Information in this article is current as at the date of publication. Information in this article is current as at the date of publication. Applications subject to credit approval and fees and charges are payable. Terms and conditions apply and are available on request.