February's Money Challenge: Ditch Your Old, Unused Subscriptions

This month, let's save money by ditching our old, unused subscriptions and memberships.

Photo by tranmautritam

We're not asking you to get rid of the subscriptions you use and love (you can pry Netflix out of my cold, dead hands). But if there's a lingering service you don't use or may have forgotten about, and it's bleeding cash from your budget, it's time to cut the cord.

So this month, we challenge you to make a list of all your subscriptions and memberships, then cancel the ones that no longer serve you. These might be:

  • Gym memberships
  • Streaming entertainment services
  • Subscription boxes
  • Music services

First, make a list of all of your subscriptions. Then ask yourself how valuable the service is: Does it save you a fair amount of time or money? Do you use if often? Can you find a free (or cheaper) alternative? If it's just not worth it, ditch it.

Are you in? If so, let us know in the comments. We'll have some resources to help you along throughout the month and, of course, we'll check back in at the end of February to see how you did. Good luck!


Comments

    Another useful strategy is to look at other options within those subscription services.

    For example, Spotify is a great example. I love the service, and I was going to buy premium for my partner for Christmas(amongst a lot of other things, I'm not that cheap). But then I realised they have a family package for an extra $5-6, which enables up to 5 users on that subscription, all that's required is they have the same address as you. So now I have her and a few other family members on there. Why pay $12 a month each when you can all join for a fraction of the price.

    Also another good thing to look in is your Apple/Google Play/Paypal subscriptions, it's good to check them once a year to find hidden subscriptions in apps or on websites you forgot you signed up for.

    Also, a useful tool to find regular bills is PocketBook, it can identify regular payments from your accounts.

    I got up until 20 days with the last money challenge by the way. Forgot about stupid rego and insurance week. It did however mean I didn't take a huge hit on the wallet like usual when this week comes up every year, so that was pleasant. Just was hoping to save for something else, blah.

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