“Subscription overload,” (also known as subscription fatigue), is a common situation for many – if not most – of us! The number of subscription services we all now have, the cumulative cost, and the mental effort required to keep track of them all can lead to financial strain and the feeling rhat we arepaying for services that go unused – which in many cases is actually true!
Why it Happens
- Financial Strain: While each subscription may seem inexpensive on its own, the costs add up quickly. A survey found that consumers often underestimate their total monthly spending by an average of 40%.
- Decision Fatigue: Constantly choosing between different services or what content to consume can be mentally exhausting – not to mention trying to remember what streaming service the show or movie you were watching is on!
- Difficulty Managing: Keeping track of billing cycles, payment dates, and login credentials for numerous accounts creates an administrative burden.
How to Manage and Avoid Subscription Overload
Here are some practical steps to take control of your subscriptions:
- Audit Your Subscriptions: The first step is knowing exactly what you are paying for. Review your credit card and bank statements for all recurring charges.
- Utilise Existing Tools: While there are subscription tracking apps that can help (although it seems ironic to subcribe to an app to manage subscriptions:), it’s just as easy to keep track using Google Sheets and Google Calendar to automatically identify and notify you about all your subscriptions.
- Cancel Unused Services: Be honest about what you use. If you haven’t used a service in a while and don’t plan to, cancel it. Reinvest the freed-up money into savings or investments.
- Rotate Subscriptions: For streaming or entertainment services, consider rotating them. Subscribe to one or two at a time, watch the content you want, and then cancel, and switch to another. Rotating your subscriptions every three or four months also allows for the introduction of many new titles to be have been added by the time you return.
- Use Free Trials Wisely: When signing up for a free trial, immediately go into the settings and cancel the auto-renewal. You can still use the service for the remainder of the trial period without being charged once it ends.
- Set Reminders: Use your phone’s calendar to set reminders a few days/weeks before a trial or subscription is due to renew, giving you time to decide whether to continue or cancel.