Like every other thing that has embraced technology in its entirety, almost all services providers and platforms are now subscription-based. From your favourite music and video streaming service to the monthly box of exotic beard oil, beauty products and monthly magazine. It’s easy to get caught in a subscription spiral that leaves your bank account whimpering.
At FirstBank, we understand the challenges posed by recurring subscriptions especially when you are on auto-renew, and we are here to help you regain control over your hard-earned money. Here are some tips for managing your subscriptions to ensure you’re only paying for the products and services you actually use.
1. Calculate the cost of subscriptions:
Start by reviewing all the subscriptions you’re currently paying for and calculating the annual cost. This will give you a clearer picture of how much you’re spending on subscriptions per year and help you identify areas where you might want to save money by removing auto subscriptions or cancelling outrightly, the ones that are no longer relevant to you.
2. Embrace free version:
Some subscriptions have a free version that may be as good as paid versions. You should consider leveraging this option where you are not maximizing the paid version. This may entail downgrading your membership to pay less where the option is available.
3. Review Terms and Conditions
This might be tough, but before signing up for any service, be sure to read the fine prints so that you know what you’re agreeing to. Understanding the service’s cancellation policy, billing process, and exact costs will save you from unexpected surprises. Keep an eye out for pre-checked boxes that automatically opt you into additional features, which you might want to avoid.
4. Keep track of your free trials
Some subscriptions offer a free trial which is preset to auto-renew once the trial period ends. Make sure you know how a free trial works before you sign up. If you don’t want to continue subscribing after the trial ends, add a reminder to your calendar to cancel before the trial period ends.
5. Set spending limits:
For usage-based subscriptions or apps that allow in-app purchases, you may be able to set restrictions on how much you can spend. This ensures you, or anyone else using your subscription, for instance your child, do not accidentally spend more than your budget.
6. Watch out for price increases:
Regularly check your account and card statements for changes to recurring subscription charges. Peradventure you stopped your subscription, carefully review your bank statements to make sure you aren’t still being charged for cancelled subscriptions.
7. Consolidate your plans with friends and family:
Some providers, like certain streaming services, allow you to share a plan with friends or family members, thus helping to make subscriptions more affordable. You should consider this option.
8. Use a single card:
Charging all your subscriptions to one payment method can help you better track recurring charges. Having all your subscription charges on one card, like your FirstBank Prepaid card, can also help you budget more effectively.
By following these tips, you can take control of your subscriptions and make sure your spending aligns with your needs and lifestyle.
Remember, while it’s important to enjoy the services that bring you joy and convenience, it’s equally crucial to ensure they don’t leave your finances in disarray.
You can share more tips with us on how you keep it all together. Send a mail to contentmgt@firstbankgroup.com
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References
https://www.capitalone.com/learn-grow/money-management/tips-to-manage-subscriptions/
https://www.firstbanknigeria.com/personal/cards/prepaid-cards/
