January is a perfect time to evaluate your existing subscription services. As we work with our clients, it’s pretty consistent that the small expenses add up, and their overall impact is usually a big surprise.
Review your bank and/or credit card statements for at least the last 3 months. Identify all the subscription services you have: websites, music services, TV subscriptions, phone plans, automatic delivery services, annual credit card fees, gym memberships, etc. If you love them AND you’re using them consistently, congratulations - you can stop here for now!
If you look through the list and realize a few of them could be stopped and you’d never miss them, congratulations - you’re about to give yourself a raise!
Our suggestion would be to identify the savings from cancelling the unwanted/unused subscriptions and start a monthly automatic deposit to your savings account for that amount. That’s a win-win.
One other note - please check your statements even after you cancel a subscription. A client recently told us a story of a subscription they cancelled (they have the email!), but didn’t realize for a few months that they were still being charged. They’re now having a difficult time getting a refund.