As I have gotten older, I have become more conscious about how I spend my money and what things I am spending it on. Nowadays, the essentials for me include software, programs, and apps, all of which fall under the category of subscriptions.
Companies like Microsoft, Adobe, and Apple often charge around five dollars per month for their services, which is not bad considering the cost of going to Starbucks every week. However, as you slowly start subscribing to more services, it can add up over time, and it's easy to lose track of how much you are spending.
Therefore, I decided to sit down and figure out how much of my budget was going towards subscriptions.
Ultimately, I wanted to understand how much I was spending on reoccurring expenses each month or year. I realized that while consumers may think subscriptions are expensive, they are actually more profitable for companies in the long-term. This is because the program usually costs around $300 to purchase, but charging $30 a month for three years generates more money in the long run.
The problem with this model for consumers is that it can become very expensive very quickly.
It's easy to justify multiple subscriptions upfront, but before you know it, you could be paying $1,700 or $2,400 a month.
Therefore, I decided to track my subscriptions and figure out ways to reduce my expenses. While there are certain expenses that are unavoidable, such as rent, insurance, and utilities, I tried to find ways to avoid subscription expenses and pay upfront expenses instead.
To tackle this problem, I created a table in Notion (you can use any spreadsheet program) and listed every subscription I had.
- I was able to add up how much my subscriptions cost per year, and when I broke it down, I was shocked by the amount I was paying.
- I realized that some of the subscriptions were unnecessary, so I tried to find ways to make them non-recurring expenses.
- By doing this, I was able to lower the amount of money I was spending per month by a thousand bucks, which will save me a lot of money in the long-term.
If you’d like to see what apps that can be used as substitutes for expensive subscriptions, check out this main page below!
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Seeya tomorrow,
Malachi Corliss
