I’m sure you’ve heard the old saying: quitters never win. And winners never quit. I actually really believe that old saying. Giving up too early in life is a sure way to miss out on amazing opportunities.
But when it comes to building a budget that you can really stick to…I love the idea of quitting expenses that make no sense! And by quitting, what I really am talking about is CANCELLING!
Our world today is all about subscriptions. Want to watch this one TV show? You’ll need a Peacock subscription. Want to get ink for your printer? Yup, there’s a subscription for that. Every company over the last 10 years has tried to find a way to build a subscription model.
And it makes sense why they want you on a subscription: because once you sign up for a subscription, you are much more likely to stay with that product. Whether you want to or not.
The average household is spending almost $1000 a year just on streaming subscriptions.
If you have subscriptions for news, such as NYT or Wallstreet Journal, a gym membership, a car wash membership – the list goes on – then your monthly cost could be well over $300.
So – what can you do??
We’re all aware that subscriptions are a financial problem. But what can you do?
Streaming Services:
In our house, every month we take a look at what streaming services we are subscribed to, and what we are actually watching on that channel.
If no one is watching a show on Netflix, we will turn Netflix off on the spot. It is so easy to turn these services on and off again that there is no reason to leave it running. You do not owe these companies any loyalty. And they will be happy to have you back when you turn it back on.
Cable + Internet
Cable & internet services are something you should be checking in on yearly. If you have had a plan for over a year or two, they will slowly creep their rates up. If you have at least two providers in your area, you can play them off each other. I prefer Verizon in my area and never actually switch providers. But I do call Verizon once a year and tell them I am going to switch to Comcast. That always gets my rate back down.
Car & Home Insurance
This is another one that can be an absolute killer. Failing to shop around could cost you hundreds of dollars a month. Get online and price shop on a yearly basis. You won’t regret the time it takes because you’ll save a ton of money in the long run. Just make sure you wait until just before your policy is up so you don’t have two plans at once (that wouldn’t save you any money!)
Mobile Carriers
Just like with Cable & Internet, you should look to bounce around with mobile carriers. Avoid financing your phone through the company – that is how they keep you locked on high price plans! Buying a phone like an unlocked Pixel directly from Google means you can take your phone and go to almost any carrier – including low cost platforms like Mint Mobile that utilize most of the same cell towers you are paying more for anyway!
The Takeaway
When it comes to your finances, don’t be afraid to walk away from companies that are costing you too much. Their entire business models are to get you in on low prices, and then slowly raise them over time. Take advantage of new customer offers and switch around when your plans are up. You’ll save your household thousands a year!