How Cutting Your Monthly Subscriptions Can Help You Save

Tax Planning

No matter the time of year, it’s always smart to look at your budget to make sure it’s helping you reach your goals. If you’re looking for a painless way to save money every month, a good place to start is reviewing and maybe cutting a few of your monthly subscriptions.

Today, it’s easier (and more common) than ever to subscribe to services, whether it be for music, television or even beauty boxes. The monthly payments seem small individually, but when you combine it over several subscriptions throughout the year, it can be a huge toll on your account.

Not sure where to start? How about looking at these subscriptions?

  • TV/Movies: How do you watch TV and movies? Do you have cable or satellite? Do you use services like Hulu, Netflix, and Sling? You can cut your bills down by reviewing what you’re actually watching and want to see. You may be paying more than you need, and might find that one or two subscriptions is enough for you.
  • Music: Instead of getting a new subscription, double check to see if any of your current memberships can provide you with additional benefits. For example, if you’re already an Amazon Prime member, you have access to unlimited music, and Google has a cross-promotional deal with YouTube.
  • Newspapers: Part of my job involves staying up to date on what’s going on with finances and more, and I’m sure many people can relate. Many of the top papers have  some wonderful introductory offers for both print and digital. While I love having the paper edition, the reality was that I didn’t use this as often, so I switched to a digital-only subscription.
  • Magazines: Look around the house and see what magazines are lying around. Be honest with yourself – how much have you read? Also, remember that you can go to the library and read them there for free!

I don’t think monthly subscriptions are a bad. We have a few like Netflix and Birchbox that we enjoy; however, we always reevaluate and make sure we’re actually using our subscriptions. Running an occasional review of your budget can be a fairly easy way to keep your budget in check.

I’d love to hear from you. What subscriptions do you love? Which ones are you ready to cut? Why?

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