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5 Reasons Why You Should Always Keep Track Of Your Subscriptions

Updated: Jan 23

Do you know how much you're spending on subscriptions each month? You might be surprised to find out that most people underestimate their monthly subscription costs by at least $100. And that's not all – according to recent studies, more than 40% of people don't realize that they're still paying for subscriptions they're not using anymore.


It's easy to lose track of your subscriptions, especially when you sign up for them one at a time. Before you know it, you're paying for a bunch of services that you're not even using. That's why it's so important to keep track of your subscriptions and make sure you're only paying for the ones you actually use and enjoy.


Here are five reasons why you should always keep track of your subscriptions:


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TL;DR

  1. Save Money: Tracking subscriptions allows for identifying unnecessary expenses and potential discounts on long-term or multiple subscriptions. Saves money.

  2. Avoid being charged for services you're not using: Tracking subscriptions prevents being charged for services not used and identifies automatic renewals or unwanted upgrades. Saves money.

  3. Keep track of your spending: Tracking subscriptions helps to monitor spending, identify areas of overspending, and provide a clear overview of monthly expenses. Assists with budgeting and informed spending decisions. Saves money.

  4. Stay organized: Keeping track of subscriptions can help you stay organized and avoid missing payments, late fees, and unnecessary charges. It also provides a clear overview of all subscription-based accounts and login information, saving time and frustration.

  5. Try new services with confidence: Keeping track of subscriptions can help save money, avoid being charged for services not used, track spending, stay organized, and try new services with confidence.

 

1. Save money


One of the main reasons is to save money. As we mentioned, most people underestimate how much they spend on monthly subscriptions. By keeping track of your subscriptions, you can easily see where your money is going and identify any unnecessary expenses.


For example, you might have signed up for a subscription-based streaming service that you thought you'd use all the time, but in reality, you only use it occasionally. By keeping track of your subscriptions, you can see that you're not getting enough value from this service and decide to cancel it, saving yourself some money in the process.


Another way that keeping track of your subscriptions can help you save money is by identifying any subscription services that offer discounts for long-term commitments or multiple subscriptions. For example, if you're already paying for a subscription-based gym membership, you might be able to get a discount on a meal delivery service if you sign up for both. By keeping track of your subscriptions, you can easily see what discounts are available and take advantage of them.


2. Avoid being charged for services you're not using


Another important reason is to avoid being charged for services you're not using. As we mentioned earlier, more than 40% of people don't realize that they're still being charged for subscriptions they're not using. That can be a costly mistake, as you're wasting money on services that you're not getting any value from.


By keeping track of your subscriptions, you can make sure you're not being charged for services you no longer use or need. That can help you avoid wasting money on unnecessary expenses. For example, you might have signed up for a subscription-based music streaming service when you were in college, but now that you've graduated and don't have as much free time, you don't use it as much. By keeping track of your subscriptions, you can see that you're not getting enough value from this service and decide to cancel it, saving yourself some money in the process.


Another way that keeping track of your subscriptions can help you avoid being charged for services you're not using is by identifying any automatic renewals or subscription upgrades that you don't want. For example, you might have signed up for a subscription-based cloud storage service, but you're not using all the features it offers. By keeping track of your subscriptions, you can see that you're being charged for an upgraded version of the service that you don't need, and downgrade to a cheaper plan that better fits your needs.


3. Keep track of your spending


Another important reason is to keep track of your spending. By knowing exactly how much you're spending on subscriptions each month, you can make sure you're not overspending and that you're sticking to your budget. That can help you avoid financial stress and ensure that you're using your money wisely.


For example, if you're trying to save money and pay off debt, keeping track of your subscriptions can help you identify any areas where you're overspending and make adjustments to your budget. You might realize that you're paying for a number of subscription-based services that you're not using or that you could easily replace with cheaper or free alternatives. By making these changes, you can free up more of your budget for paying off debt or saving for the future.


Another way that keeping track of your subscriptions can help you keep track of your spending is by giving you a clear overview of your monthly expenses. By knowing exactly how much you're spending on subscriptions each month, you can see how much you have available to spend on other expenses, such as groceries, gas, and entertainment. This can help you make more informed decisions about your spending and avoid overspending or going over budget.


4. Stay organized


In addition to saving money and avoiding being charged for services you don't use, keeping track of your subscriptions can also help you stay organized. When you have a clear overview of all your subscriptions, it's easier to manage them and keep track of their billing dates and payment details. This can help you avoid missing payments and ensure that you're always on top of your subscription expenses.


For example, if you have a lot of subscriptions, it can be easy to lose track of when they're due for renewal and how much they cost. By keeping track of your subscriptions, you can easily see when each one is due for renewal and make sure you have the funds available to pay for them. This can help you avoid late fees and other charges that can add up quickly.


Another way that keeping track of your subscriptions can help you stay organized is by giving you a clear overview of all your subscription-based accounts and login information. For example, you might have signed up for a number of subscription-based services, but you can't remember which email address or password you used for each one. By keeping track of your subscriptions, you can easily see which accounts are associated with each service and make sure you have the correct login information. This can save you a lot of time and frustration when you're trying to access your subscriptions.


5. Try new services with confidence


Finally, keeping track of your subscriptions can also give you the confidence to try out new services. When you have a clear overview of your subscription expenses, it's easier to see how much you have available to spend on new subscriptions. That can help you try out new services without worrying about overspending or breaking your budget.


For example, if you're interested in trying out a new subscription-based fitness program or meal delivery service, but you're not sure if you can afford it, keeping track of your subscriptions can help you see how much you have available in your budget to spend on it. By knowing exactly how much you're spending on your existing subscriptions, you can make an informed decision about whether you have enough money available to try out the new service without overspending.


Another way that keeping track of your subscriptions can help you try out new services with confidence is by giving you a clear overview of your subscription-based accounts and login information. For example, if you're interested in trying out a new subscription-based service, but you're not sure if you already have an account with them, keeping track of your subscriptions can help you see if you already have an account and make sure you have the correct login information. This can save you a lot of time and hassle when you're trying out a new service.


In conclusion, keeping track of your subscriptions is a smart way to save money, avoid being charged for services you don't use, stay organized, and try out new services with confidence. So take a few minutes to review your subscriptions and make sure you're only paying for the ones you actually use and enjoy. It's a simple step that can make a big difference in your financial well-being.


And remember, if you're ever unsure about whether or not you should keep a subscription, just ask yourself this question: "Would I rather have this service or a hundred dollars?" We're pretty sure the answer is always going to be the hundred dollars. Happy savings!

 
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