- Published on
How to Cut Your Monthly Subscriptions Without Feeling Deprived
- Authors
- Name
- David Botha
How to Cut Your Monthly Subscriptions Without Feeling Deprived
Let’s be honest, it’s easy to fall into the trap of subscribing to things. A new streaming service pops up, a meditation app promises instant zen, a fitness program claims to transform you overnight… Before you know it, your bank account is screaming, and you’re realizing you’ve accumulated a frankly alarming number of monthly subscriptions.
But cancelling them all can feel daunting. The fear of missing out (FOMO) is real, and the thought of going without those convenient services can be unsettling. This isn't about deprivation; it's about taking control of your finances and finding ways to enjoy life without breaking the bank.
Here’s how to cut your monthly subscriptions without feeling deprived:
1. The Audit – Track Your Spending
Before you make any cuts, you need to know exactly what you're paying for.
- List Everything: Go through your bank statements, credit card bills, and apps to compile a complete list of all your monthly subscriptions.
- Categorize: Group them into categories – entertainment, fitness, productivity, personal care, etc.
- Calculate the Total: Add up the monthly cost of each subscription. You'll likely be surprised by the total!
2. Identify the "Nice-to-Haves" vs. "Need-to-Haves"
Now that you know the numbers, it's time to be honest with yourself. Ask these questions for each subscription:
- How often do I actually use it? Be brutally honest. If you've used a streaming service only a handful of times in the past six months, it’s probably not essential.
- Can I replace it with a free or cheaper alternative? There's often a free equivalent – a local library for books and movies, free workout videos on YouTube, or open-source productivity tools.
- Is it bringing me genuine joy or value? If the subscription isn’t contributing positively to your life, it’s a prime candidate for cancellation.
3. Explore Affordable Alternatives
Don’t just cancel; find replacements! Here are some ideas based on common subscription categories:
- Streaming: Rotate subscriptions based on what you’re currently watching, utilize free streaming services like Tubi or Pluto TV, or borrow DVDs from the library.
- Fitness: Explore free workout videos on YouTube, run or walk outdoors, or utilize free community fitness classes.
- Productivity: Switch to open-source software alternatives (LibreOffice instead of Microsoft Office, for example).
- Meal Prep/Recipes: Cook more at home using budget-friendly recipes.
4. Gradual Cuts - Minimize the Shock
Instead of cancelling everything at once, consider a gradual approach. Start by cancelling the lowest-value subscriptions first. This helps you adjust and minimizes the feeling of loss.
5. Reframe Your Thinking – It’s About Priorities
Cutting subscriptions isn’t about deprivation; it’s about making conscious choices about how you spend your money. It's about prioritizing your wellbeing and interests, rather than letting a constant stream of services dictate your spending.
Resources to Explore:
- Truebill: A service that helps you track subscriptions and automatically cancel them. (https://www.truebill.com/)
- Rocket Money (formerly Trim): Similar to Truebill, helping you manage your finances and identify unnecessary subscriptions. (https://www.rocketmoney.com/)