Subscriptions are generally spread over a certain period, paid at regular intervals which may give the perception that the service is relatively cheap (compared to lump sum payment). When maintained over a sufficiently enough period, this can easily turn into a significant expenditure. Whether it's worth your money very much depends on your priorities, needs and attitude to life.
Most of us probably spend money on some of the following services: gym, cable tv, music streaming, video streaming, cloud storage, in-app features, exclusive access to online content or features, software packages, online gaming memberships, food, magazines and newspapers.
(Wix stock image)
In recent years, loot boxes or equivalents have grown in popularity and buyers do not even know what is inside them before paying. One question to ask yourself is whether the subscription offers an essential service, pleasure, learning or training that you need. If you have several subscriptions in the same category, are you really going to have the time to use all of them?
Of course, if this is something you use regularly e.g. visiting the gym 3 times a week, it may well be worth the money. You are likely to save money compared to paying per use. On the flipside, if you buy a membership and you visit twice during the first month, and rarely go back, then it's not such a great idea. Automatic renewal is designed to make you forget about it, for better or for worse. You might have been entirely convinced at the time, but life happens.
I have previously subscribed to a streaming service for 3 months, but it turned out I had other things to focus on so that was £30 I didn't have to spend. Having learnt my lesson, I now think whether I thoroughly consider my motivations for the service before committing over a long period.
Even if you are keen on staying with a subscription, I suggest you consider "attempting" to unsubscribe. For example on my video streaming sub, the last time I tried this, I was offered a bargain price of £3/month for the next 3 months instead of £10/month. That is £21 saved over the period.
TIP:
I would suggest checking bank statements at least once a month to ensure that there are no subscriptions that you have forgotten about. If there is no minimum contract length, then consider whether you still need the subscription right now. You could always resubscribe at a later date when you need it again.
If you have multiple subscriptions that you don't use, then this could potentially save you hundreds of pounds over the year. If there is a minimum contract length, then set an alarm for the end date and try to make the most of the service in the meantime.
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