1. Make a tracker of your active subscriptions
One of the biggest draws—and flaws—depending on who you ask is how easy it is to subscribe to online services and then forget about them. The sign-up process has been streamlined to the point that a few clicks and taps will immediately enroll your bank account to pay for a service you may not want in the first place.
Since subscription fees can easily balloon without your knowledge, it’s in your best interests to create a tracker for all the active subscriptions you’re paying. A quick Excel file that details your subscriptions and how much you’re paying monthly will do the trick, but you can also make it as thorough as you want.
Having a tracker gives you a clear picture of how much of your hard-earned cash goes to various subscriptions. It also forces you to seriously think before adding another subscription to the list.
2. Cancel subscriptions you can live without
Once you have a full understanding of your subscription situation, it’s time to seriously investigate the subscriptions you’ve made. If you think you’re spending too much money on your online subscriptions, then it’s time to let some of them go.
It may sound nonsensical at first, but the financial burden that some of these redundant services provide doesn’t make it worth retaining them. For example, you may have a running subscription to Netflix, iFlix, Amazon Prime Video, and YouTube Premium. All of them offer quality streaming services, and it’s impossible to be able to use all of them.
Seriously think about how much time you spend with these streaming services and identify which service you don’t use that much. Cancel your subscription from the service you’ve identified, and you’ll immediately notice the change in your next monthly billing.
3. Check for cheaper or free alternatives
That one subscription service you’re paying a lot of money for may be worth its weight in gold, but that doesn’t mean they’re the alpha and the omega. Simply put, there are cheaper alternatives that can provide exactly what you’re looking for without costing that much.
For example, many Filipinos may prefer a particular streaming service, but the monthly costs of maintaining a decent package with your provider may not be an investment you’re willing to make. Fortunately, the Streaming Wars brought plenty of competition to keep the juggernauts on their toes.
Of course, you should know better than to blindly jump ship to a service you aren’t familiar with. Do your research and ensure that the company meets your standards.
4. Take advantage of family plans
Many online subscription services understand how many Filipinos are hesitant to subscribe due to unreasonable fees. This fear is why family plans have been introduced. Not only does it help you save money but it also lets you bond with your family over similar passions.
The trouble now lies in finding people to get a family plan with. This usually isn’t a problem since many subscription services have something for everyone. But in the unlikely case you don’t have any immediate family to share it with, you can always share it with your friends (as long as it’s within the rules on account sharing for your chosen service).
5. Use an app to manage your subscriptions
Even though you try to be meticulous with your subscriptions, it wouldn’t hurt to at least have something to help you get your subscriptions sorted. The easiest way to achieve this is by installing a specialized app that can track your subscription apps.
These subscription managers come with an interface that is easy to navigate while also making your subscriptions easy to follow. If you want to have a better picture of what these apps can do to help you sort your finances, read this piece.
Subscribe to a Better Financial Standing
Taking care of your wallet takes a lot more than just compartmentalizing your earnings. Knowing when and how to take control of your subscriptions can save you more than you imagine. We hope that these tips can help you do just that as we all try to recover from the pandemic.
Another way to secure your financial future is to invest in the right things. Talk to our experts at BPI AIA to see how our savings plans can help you create a decent fund to prepare you for any rainy day.