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.