Is That Subscription Worth Your Money?

A woman opening a subscription box full of fresh vegetables.If you’re like most Canadians, you have a number of charges that come out of your bank account every month. Your gym membership, meal delivery service, beauty box, and streaming services all cost you more than pennies on a regular basis. How do you know if you are getting your money’s worth, and how can you save? Take a bit of time to review what you’re paying for and decide what you really need.

Find Free Alternatives

Have a look at what you actually use and explore your other options. Much of what you pay for might come free of charge through other outlets. You may love your gym, but get equal satisfaction out of a neighbourhood walking group. That’s true of many things you may shell out money for — when you could get something similar for free. It may sound quaint, but your public library may have some of the same audiobooks and e-books you pay for through a private service.

Share With Friends

Subscription boxes are a fun way to spend money. But the savings are not great if you don’t use everything you receive. Chances are there are some items you won’t use. Swap your unused items with loved ones, or regift them during the holidays. Nothing will go to waste, and you’ll save money on your shopping budget.

Delete, Delete, Delete

Apps make life easier, but are they worth the fee? It’s easy to sign up for a free trial but then end up paying for a service you rarely use. Go into the app settings on your phone, whether it’s an iOS or Android, to review your subscription list. Delete the ones you don’t want to pay for and save that money for something else.

Compare Similar Services

Consumers have more media options than ever before. A streaming service may offer access to premium channels, but you may already have them through your cable company. Some programs are exclusive to certain channels, but a lot of it is duplicated across platforms. Take stock of what you actually watch. It may be that show you love costs less if you buy it as a standalone season, than if you pay for the entire service.

Reduce Your Subscription Tier

Your needs often change over the lifetime of a subscription. Maybe you needed five dinners a week when you first got that meal delivery package. Now life is less busy and you can go shopping. Instead of cancelling your subscription altogether, go down a tier so it costs a bit less. You won’t receive items you don’t need, so don’t have to figure out how to prevent them from going to waste.

Find Savings Everywhere, Including Financial Products

Your subscriptions are not the only part of your budget where you can reduce spending. By shopping around online, you can find reasonable rates on banking products including loans, mortgages, and credit cards. Find out more by going to RateSupermarket.ca.

Related Topics

Lifestyle / Personal Finance / Your Budget

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