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.
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2