Saving money doesn’t always require big sacrifices. It can be as simple as reevaluating the apps and services you use daily.
Some subscriptions quietly chip away at your bank account while others make it all too easy to spend. That means a little digital decluttering can clear your mind and help you build your bank account.
It’s a win-win.
Cut the costs: Unsubscribing from paid services
Many of us sign up for TV or music streaming services, workout apps and other premium subscriptions. Because let’s face it: It can be nice to hear the song you want on demand, binge watch the popular new show as soon as it comes out or have a gym plan tailored to your needs.
But take a moment to review your bank account for recurring charges and decide — are you still listening to that premium music service enough to justify spending $11.99 per month or more? Or could you switch to the free version? Do you really need multiple different streaming services for TV and movies that cost $7.99 per month or more? Or could you rotate through them seasonally?
Ask yourself those questions for all your apps. Canceling or downgrading one or two subscriptions could save you hundreds over the course of a year.
Remove the temptation: Deleting convenience apps
In our VyStar Savings Challenge Facebook group, we asked members to tell us about their latest impulse buys. One of the first comments mentioned takeout food. That answer uncovers another more hidden problem: Even free apps can be costly if they encourage impulse spending.
Food delivery services, in particular, make it easy to tap, order and spend money that may be better off ear-marked for bills or investments. For example, we recently used a popular food delivery service to order dinner for one. Getting a medium sub sandwich with chips and drink came out to be almost $20 after taxes and other fees. That’s before a tip was included.
Even with groceries rising in cost recently, buying a loaf of bread, lunch meat and a few other items would be less expensive over the course of several meals. Getting in the routine of cooking at home and using food delivery services sparingly can really add up.
And as the saying goes: out of sight, out of mind. Removing apps like these, or others that charge for convenience, can help you make more mindful financial choices.
Review what is best for you
A simple review of your subscriptions and spending habits can lead to quick savings. That doesn’t mean you have to cut out these services from your life entirely. Start small and take better control of your financial future one app at a time.