Are You Subscribing to Your Values?
Do you love convenience?
Recently I was trying to remember some song lyrics. The tune was in my head and I was a bit perturbed I couldn’t recall the full chorus of a classic 80s love ballad. So, what did I do?
I grabbed my phone and opened Spotify. Wham! Within 45 seconds, “Glory of Love” was playing through my speaker and I was singing along.
It was super convenient.
In our world of on-demand convenience, we all subscribe to various services. They can make our lives easier and more efficient. They can help us remember Peter Cetera’s wise words.
And sometimes it’s easy to forget just how much all of this convenience actually costs.
Netflix…
Amazon Prime…
Blue Apron…
Are you a subscriber to any of these services?
How about these ones:
Stitch Fix?
Nest?
Headspace?
If you grabbed a piece of paper right now and began to list your monthly subscriptions, I’m sure your pen would start flying. And yet, you probably would still forget some of them! That’s because subscriptions are part of our lives in a way that’s much bigger than the old world of just newspapers and magazines.
Do you know how much you pay for your subscriptions?
When consumers in a study conducted by the Waterstone Group were asked to guess how much they spent on monthly subscriptions, the average shared was $79.74.
The actual amount spent by survey respondents? $237.33 per month.
That’s a big difference!! 84% of respondents underestimated what they spend each month, and they were off by a large margin.
As you prioritize your financial wellness, it’s essential to know where your money is going!
It’s all too easy to sign up for a free month of XYZ and then realize you’re paying for a subscription 3 months later (yup…been there, done that!)
So, what can you do to make more mindful money decisions?
At the end of this month, review your credit card statements. Consider your subscriptions and what you’re paying for them – looking at both the monthly and annual dollar amount. Ask yourself, are these aligned with what I really care about in my life?
By reviewing your subscriptions with your values in mind, you may even find some expenses you’re ready to cut. I received an email from one woman who attended one of my A Rich Life™ workshops, and she was very excited to let me know she saved over $100 by doing this exercise!
It’s one thing to pay for products and services that you value and enjoy. But paying for things that you don’t care about or use? That does not feel good.
And remember, it feels good to feel good!