During an age characterized by the digitization of financial transactions, many find themselves bombarded with waves of small fees that, at the time, appear as inconsequential. Yet the reality that remains is that astounding of which accrue over the year due to a lack of both organizations, and minimal urgency in budgeting. For the less technologically proficient individual, as well as those who only loosely track their finances, nothing as simple as an itemized list of expenses just appears in front of them, which unfortunately will take a little more effort on the consumer’s part.
It is estimated that we each spent upwards of $600 on digital subscriptions, these services ranging from our streaming services, music, online tools and a variety of other online amenities (The New York Times). This is a sum that may appear minuscule in the grand scheme of yearly expenses, yet when you consider the amount of use gained from the service, it could alter the attitudes of some. You may be wondering, what is the significance of outlining the obvious here? Well, to that I have to say, we need more simplicity in our lives. Varying types of subscriptions renewing at different times only cause for confusion. Our mindless accounting of these expenses hinders financial fiscality. It makes sense, anyone would take several smaller blows over one great one, after all, large numbers are intimidating. However, opting for spread out payments creates the illusion that you are spending less, subsequently leading one to be frivolous with their money. Financial responsibility is a key component in many aspects of life, but the resounding issue we face is the inherent disorganization in our digital accounting, creating financial anarchy if you will.
An excellent start to handling your services is to start with an audit of your subscriptions. Analyzing all the constantly recurring expenses, and weighing their importance with their cost will give an idea of how much you are spending, and if you deem that expense necessary. If you find yourself continually canceling and renewing subscriptions, just know that waiting to cancel right up until the time of renewal has no benefit. Interestingly, subscription-based services are still available to you for the entire period you have paid for, and unsubscribing will not usually revoke access to your service until the renewal date has completely passed. Moving forward, keeping a ledger that holds an account of your subscriptions can both put your finances into a much-needed perspective, as well as promote the fiscally responsible lifestyle that everyone could use.
https://www.nytimes.com/2020/01/29/technology/personaltech/paying-subscription-services.html
