Today consider just how much you really spend on all those recurring monthly services. Most of us will think of the obvious expenses like television streaming services. But don’t forget about the cost of music steaming too. You might also be paying for wellness apps and gaming subscriptions for the kids, and those innocent sounding free trials that have a sneaky way of turning into monthly subscriptions too. And of course, we can’t forget about traditional monthly expenses like newspaper and magazine subscriptions as well as gym memberships. As you can see, once you consider all of your recurring monthly expenses, they add up fast.
As we approach the end of the year, now is the time to do a subscription audit. Go through your credit card bill and see if you are taking advantage of all of your monthly services. Perhaps you don’t use that wellness app that much, and maybe you don’t have as much time as you thought to enjoy all of those TV streaming services. Now is the time to cut expenses you don’t use and take back control of your finances.
Even better, take it one step further – take the money you save and invest it in your own savings and retirement. Instead of paying others, pay yourself each month. Automatic investment plans make it easy to get started.
At the end of the day, many of these services provide convenience and entertainment, and although they might not seem expensive individually, they add up once you consider them all together. Take a hard look and cut the services you aren’t using, and use those monthly dollars to invest in yourself.
The information on this page is provided for educational purposes only and is not tax, legal, financial planning or investment advice. Neither the information nor any opinion expressed in this section constitutes an offer to buy or sell any securities or advisory products. The information provided is general and is not information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. You should not regard this information as a substitute for the exercise of your own judgment. Investing involves risk.