This article was originally written for and published on my medium channel.
There was a time I would baulk at the thought of committing to regular monthly payments
for any service beyond my phone bill or gym. Now? I want to try them all! In December, I signed up for Twitter Blue a month earlier for Jaspar, an AI copywriting tool and just this week, I joined Medium as a paid-up subscriber.
It wasn’t until I sat down to review my finances and plan for the coming year that I realised I’d accumulated over 21 subscriptions, many of which I barely used. I knew I had been overdoing it, but it wasn’t until the list was in front of you that it hit home.
I also know I can’t be alone in becoming a subscription hoarder. A report by ING found that Europeans spend an average of 130 euros per month on subscription services, and it’s easy to see how that number can add up quickly. We’ve seen a surge in solopreneurs and the proliferation of niche tools designed to make our lives easier, which can be tempting to try out. Plus, the ease of one-click checkout on many of these tools has encouraged us to give them a shot.
The subscriptions and tools we use have undoubtedly made our lives infinitely easier, but I encourage readers to use this article as a prompt to assess your toolkit. If for no other reason but to clear the clutter, make space for new things that will inevitably catch your eye in 2023.
Here’s how I’m approaching my subscription cleanse:
Make it visual: I have listed all of my subscriptions, alongside their individual and combined costs, on a spreadsheet, and I will use that as a reference point and a visual nudge. Every new subscription will be added to this list which will make me REALLY consider its value and trade off’s.
Review it quarterly: As part of my quarterly goals and finance review that I already carry out, I’ve now added a review of my subscriptions.
Shop around: New technologies and solutions are constantly coming onto the market, disrupting even the earliest-stage start-ups. Take advantage of that. For example, I’ve already stopped my Jaspar. AI subscription because to use the free Chat GPT service instead if I need it.
If in doubt, kill it: Are you keeping it there in case you might read it? Are you part of a paid trading, crypto, or writing community you might sometimes engage with? Are you paying apple news but always read the BBC for free anyway? Bite the bullet and kill it. If you miss it, you can always sign up again.
Set a budget: This might require some flexibility but don’t have an open tap. I’ve put a ceiling on the maximum amount I’m willing to contribute to my monthly budget subscriptions for 2023. So each new purchase will require a trade-off somewhere else.
I’ve saved £200 a month this week through this cleanse, and whilst your addiction to trying out everything under the sun might not be as severe as mine, I promise it’s a worthwhile exercise.