How to Lower Your Monthly Subscription Costs

Let’s be honest. It’s easy to get swept up in the convenience of subscriptions. Streaming services, fitness apps, meal kits, news outlets – it seems like everyone’s got one (or ten!). But those monthly charges can really add up, silently chipping away at your budget. If you’re starting to feel like you’re paying a small fortune for things you don’t really use, you've come to the right place.

June 3rd, 2022 – It’s a surprisingly common problem, and thankfully, a solvable one. Let’s tackle this head-on and start taking control of your finances.

1. The Audit: Where Are You Spending?

The first step is brutally honest assessment. You need to know exactly where your money is going.

List Everything: Make a comprehensive list of every subscription you have. Don't just glance at your bank statement; dig deeper. Think about apps, streaming services, software, magazines, gym memberships, even online games.
Categorize: Group your subscriptions. This will make it easier to prioritize. For example, you might have “Entertainment” (Netflix, Spotify), “Health & Fitness” (Peloton, Headspace), and “Productivity” (Evernote, Grammarly).

2. Identify the Low-Hanging Fruit

Now that you have your list, let’s look for easy wins:

Services You Don't Use: Be honest! How often are you actually using that premium streaming service? Do you even remember signing up for it? If you haven’t touched it in a month (or longer!), it’s probably time to cut the cord.
Trial Period Over? Many subscriptions start with a free trial. It's incredibly common to forget to cancel before the trial ends, leading to automatic charges. Set reminders or make a note in your calendar.
Family Sharing: If you share subscriptions with family members, consider if everyone is actively using them.

3. Explore Alternatives and Discounts

Don’t just cancel; explore cheaper options:

Bundles: Many companies offer bundled subscriptions. For example, combining your internet and TV services can often save you money.
Free Alternatives: There are often free alternatives to paid services. Can you use a free podcast app instead of Spotify Premium? Are there free online fitness classes instead of a gym membership?
Student/Senior Discounts: Many services offer discounted rates for students or seniors.
Check for Promotions: Keep an eye out for promotional offers and discounts. Many companies offer temporary deals.

4. Commit to Regular Reviews

Lowering subscription costs isn't a one-time fix. Make it a habit to review your subscriptions every few months. Your needs and priorities change over time.

Final Thoughts:

Taking control of your subscriptions can have a significant impact on your financial well-being. By taking the time to assess your spending, explore alternatives, and commit to regular reviews, you can dramatically reduce your monthly expenses and free up money for the things you really want. Start today!