Subscriptions can be a convenient and affordable way to access the products and services you love, but they can also add up quickly. If you're not careful, you may find yourself spending hundreds of dollars every year on subscriptions you don't really need or use.
In this blog post, we'll explore some simple steps you can take to save money on your subscriptions and keep more cash in your pocket. We'll show you how to identify and evaluate your subscriptions, negotiate better prices, and even use a subscription management tool to help you stay on track. By the end of this post, you'll have the tools and knowledge you need to save hundreds on your subscriptions every year.
Identify Your Subscriptions: To save money on subscriptions, make a list of all your current subscriptions, including those automatically renewed. Check bank and credit card statements for any forgotten subscriptions. Consider shared subscriptions and their cost.
Evaluate Your Subscriptions: Evaluate subscriptions by considering regular use, value, and cost compared to alternatives. Calculate cost per use to determine value. Consider switching to cheaper options for similar services. Keep or cancel subscriptions based on the evaluation.
Negotiate Better Prices or Cancel Subscriptions: Negotiate better deals or switch to cheaper alternatives for desired subscriptions. Cancel unwanted subscriptions, considering terms and fees. Save money and free up cash.
Use a Subscription Management Tool: Use a subscription management tool like Custxmer to track and manage subscriptions in one place, set renewal alerts, and access all your providers' contact information. The mobile app allows for management and contact on the go. Save money, time and frustration with Custxmer.
1. Identify Your Subscriptions
One of the first steps to saving money on your subscriptions is to identify which ones you have. That may seem obvious, but it's easy to lose track of the various subscriptions you've signed up for over the years. To start, make a list of all the subscriptions you can think of, including things like streaming services, gym memberships, magazine subscriptions, and meal delivery services. Don't forget to include any subscriptions that are automatically renewed, such as your monthly phone plan or insurance premiums.
Once you have your list, go through your bank and credit card statements to see if there are any additional subscriptions that you may have forgotten about. These could be things like subscription boxes, online courses, or even a membership to a professional organization. By thoroughly identifying all of your subscriptions, you can get a clear picture of where your money is going and which subscriptions you may be able to eliminate or negotiate a better price for.
It's also important to note any subscriptions that are shared with other people, such as a family plan for a streaming service. That will help you accurately calculate how much you're spending on subscriptions and whether it's worth it to continue these shared subscriptions. By taking the time to identify all of your subscriptions, you'll be well on your way to saving money on the ones you don't need or use.
2. Evaluate Your Subscriptions
Once you have identified all of your subscriptions, it's time to evaluate which ones are worth keeping and which ones you can live without. Start by looking at each subscription on your list and asking yourself a few key questions:
Do I use this subscription regularly?
Is this subscription providing me with value?
Can I get the same or similar service elsewhere for a lower price?
For subscriptions that you use regularly and feel are worth the cost, it's a good idea to keep them. However, for subscriptions that you don't use often or don't feel are worth the price, it's time to consider canceling or negotiating a better deal.
One way to evaluate your subscriptions is to calculate the cost per use. For example, if you have a gym membership that costs $50 per month, but you only go to the gym once a week, that's a cost of $12.50 per visit. Compare this to the cost of a single drop-in class at the gym, which may be around $15. If the cost per use of your gym membership is higher than the cost of a drop-in class, it may not be worth it to keep the subscription.
Another way to evaluate your subscriptions is to consider whether you can get the same or similar service elsewhere for a lower price. For example, if you have a subscription to a meal delivery service that costs $10 per meal, but you can meal prep at home for $5 per meal, it may be worth switching to the cheaper option.
By carefully evaluating your subscriptions, you can determine which ones are worth keeping and which ones you can live without. This will help you save money on your subscriptions and free up more cash for the things that truly matter to you.
3. Negotiate Better Prices or Cancel Subscriptions
Once you've evaluated your subscriptions and determined which ones are worth keeping and which ones you can live without, it's time to take action. For subscriptions that you want to keep, but feel are too expensive, try negotiating a better deal. Many companies are willing to offer discounts or promotions to retain customers, so it never hurts to ask.
When negotiating a better deal, it's important to be polite and respectful. Explain why you love the service, but also let the company know that you have other options and are considering switching to a competitor. That can be a powerful motivator for companies to offer you a better deal.
If the company is unwilling to offer you a better deal, consider switching to a competitor that offers a similar service for a lower price. That may take some research, but it can be worth it in the long run.
For subscriptions that you don't want to keep, it's time to cancel them. That can be as simple as contacting the company and letting them know you'd like to cancel your subscription. Some companies may try to retain you as a customer by offering a special deal or promotion, so be prepared to negotiate or say no if the offer isn't good enough.
Remember to carefully read the terms and conditions of your subscription before canceling, as some subscriptions may have fees or penalties for canceling early. By negotiating better prices or canceling subscriptions, you can save money on your subscriptions and free up more cash for the things that matter to you.
4. Use a Subscription Management Tool
Using a subscription management tool is a great way to save money on your subscriptions and keep track of your spending. One of the best tools available is Custxmer, a mobile app designed to help users save money, time, and frustration by making it super easy to manage and contact their service providers.
With Custxmer, you can easily track and manage all of your subscriptions in one place. The app allows you to see all of your subscriptions in a single view, making it easy to identify which ones you have and which ones you may be able to eliminate or negotiate a better price for.
In addition to tracking your subscriptions, you can set alerts for when your subscriptions are due for renewal or payment. That can save you time and hassle and make it easier to stay on top of your subscriptions and save money. As a bonus, Custxmer puts all your service provider’s contact information at your fingertips. All their phone numbers, business hours, email addresses, contact forms, live chat, etc.
One of the best things about Custxmer is that it's a mobile app so that you can manage your subscriptions on the go. Whether at home, at work, or on the go, you can use Custxmer to track and manage your subscriptions and save money.
Overall, if you want to save money on your subscriptions and keep track of your spending, Custxmer is the best tool available. With its easy-to-use interface and powerful features, Custxmer can help you save money, time, and frustration, and free up more cash for the things that truly matter to you.
In conclusion, subscriptions can be a convenient and affordable way to access the products and services you love, but they can also add up quickly. By taking the time to identify, evaluate, and manage your subscriptions, you can save hundreds of dollars every year and free up more cash for the things that truly matter to you.