How much are you spending on subscriptions?
Subscription-based services have become the financial model of the decade for a reason. Why give ownership to a customer for a one-time fee when the same customer can pay you every month for life on a subscription.
How much are you spending on subscriptions each year? If you don’t know the answer to this question, it’s time to do a subscription audit and likely a cull.
How to audit your subscriptions:
- Look at your bank statements for the year and note every charge for a subscription or streaming service like Netflix. The average person has at least 5.
- Next, document how often you use each subscription per month.
- Decide which subscriptions you can cancel.
Cancelling subscriptions that you rarely use could save you thousands annually.
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"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2