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13 may

How to Calculate Your Subscription Expenses?

Learn how to calculate your subscription expenses and effectively manage your personal finances.

How to Calculate Your Subscription Expenses?
Autor: Guillem Vestit
Guillem Vestit

There are more and more subscriptions available, whether for access to streaming services, educational platforms or meditation, it's easy to find a variety of subscriptions that can affect your finances. Therefore, it is important to understand how to calculate your subscription expenses and maintain proper control of them.

Understanding your subscriptions

Before you start calculating your subscription expenses, it is essential to have clarity about what exactly a subscription is and what types exist. A subscription is a service or product that you subscribe to through a periodic payment, usually monthly or yearly.

There are different types of subscriptions that you should keep in mind. Some are automatically renewable, which means they automatically renew unless you cancel them.

Ways to avoid subscription expenses

You have to keep in mind that subscriptions can be an excellent way to access services and products conveniently and often at a cheaper price than if you were to purchase them separately. However, it is also essential to have control over your subscriptions to avoid unnecessary expenses and make sure you are getting the most value for your money.

A useful strategy for managing your subscriptions is to keep track of all of them in a list or spreadsheet. This will allow you to have a clear view of how much you are spending on subscriptions and when they renew. You can also use apps or online services that help you manage your subscriptions, sending you reminders when the renewal date approaches.

In addition, it is advisable to look for other people with whom to share the cost of a subscription, in this way, you can have access to more subscription platforms while paying much less.

Steps to calculate your subscription expenses

Once you understand the basics about subscriptions, it's time to calculate your expenses. Below, we present some steps that will help you in this process:

Identify all your subscriptions

The first thing you should do is identify all the subscriptions to which you are subscribed. Make a detailed list of each service or product you have accessed through a subscription. Don't forget to include those subscriptions that might be less obvious, such as loyalty program memberships or online education platforms.

Once you have identified all your subscriptions, it is also useful to categorize them into categories, such as entertainment, lifestyle, basic services, among others. This will help you better visualize your expenses and identify possible areas where you can reduce your subscriptions.

For example, in the entertainment category, you could have subscriptions to streaming services like Netflix, Amazon Prime Video and Spotify. In the lifestyle category, you could include magazine subscriptions or food delivery services. In the basic services category, you could have subscriptions to internet services, mobile telephony or electricity.

Add up the costs of the subscriptions

The next step is to add up all the costs of your subscriptions. Review each one of them and note down the amount you pay periodically. Be sure to include any additional charges, such as taxes or transaction fees, to get an accurate calculation of your total expenses.

Once you've added up the costs of all your subscriptions, you may be surprised to see how much money you're allocating monthly or annually to these subscriptions. This information will help you assess the importance of each subscription in your life and make informed decisions about whether you want to keep them or cancel them.

For example, if you add up the costs of all your subscriptions and realize that you're spending a large amount of money on entertainment services, you might consider reducing the number of subscriptions or looking for cheaper alternatives.

Consider payment frequency

In addition to the cost of each subscription, it's also important to consider how often you make payments. Some subscriptions are charged monthly, while others are charged annually or even quarterly.

When calculating your expenses, make sure to take this information into account for a more accurate picture of how much money you're spending on subscriptions each month or year. This will help you better manage your budget and plan your future expenses.

For example, if you have an annual subscription that you pay for all at once, it's important to take that amount into account in your monthly budget to ensure that you don't run out of money in other aspects of your life. Although annual plans usually and needs. You can sort subscriptions by cost, renewal date, or any other criteria that is important to you.

They offer a discount compared to if you pay monthly.

Useful tools for subscription tracking

If you find it difficult to manually track all your subscriptions, there are different useful tools that can facilitate this process. Here are some options:

Subscription tracking apps

There are mobile apps and online tools that allow you to manage your subscriptions more efficiently. These apps help you control your payments, send expiration reminders, and analyze your subscription expenses. Some popular ones include "Truebill", "SubscriptMe" and "Bobby: Track subscriptions".

In addition to these apps, you can also find other options on the market that suit your specific needs. Some offer additional features, such as the ability to sync your subscriptions with calendars or receive customized notifications. Explore different options and choose the one that best fits your requirements.

Once you have selected the app you want to use, simply download it on your mobile device or access it through its website. Then, create an account and start adding your subscriptions. Most of these apps allow you to enter detailed information about each subscription, such as the service name, the monthly cost, the renewal date, and any other notes you wish to add.

Once you have entered all your subscriptions, the app will take care of automatically tracking payments and expirations. You will receive notifications when a subscription renewal date is approaching or when a charge is made to your account. This will help you maintain a more accurate control of your expenses and prevent you from forgetting to cancel a subscription that you no longer want.

Another option is to share your subscriptions through Sharingful and in this way you can save without having to keep track of when subscriptions end.

Spreadsheets for subscription tracking

If you prefer using a spreadsheet, you can create your own document in programs like Microsoft Excel or Google Sheets. Design a template that includes the details of each subscription, such as the name, cost, renewal date, and any additional notes you want to add. Regularly update this spreadsheet to keep an updated record of your subscriptions and expenses.

Spreadsheets are a more customizable option, as you can design them according to your preferences and needs. You can sort subscriptions by cost, renewal date, or any other criteria that is important to you. and specific needs. You can add formulas and functions to perform automatic calculations, such as adding up the total of your monthly subscription expenses or calculating the due date of each subscription.

Moreover, spreadsheets allow you to have greater control over your data, as you store it on your own device or in the cloud. This can be especially useful if you have concerns about the privacy and security of your personal data.

Remember that, regardless of the tool you choose, it is important to keep regular track of your subscriptions. Regularly review your expenses and assess whether all your subscriptions are still necessary. This will help you save money and avoid unnecessary expenses.

Tips for managing your subscription expenses

Once you have calculated your subscription expenses, it is important to take steps to manage them effectively. Here are some practical tips to help you:

Assess the need for each subscription

Review each of your subscriptions and assess whether you really need and use the services or products they offer. If you find subscriptions that you rarely use or are no longer interested in, consider canceling them and allocating that money to other areas of your life that are more priority.

Set a budget for subscriptions

Allocate a specific budget for your subscriptions. This will help limit your spending and not exceed on services that are not really essential for you. Be sure to review and adjust this budget periodically based on your changing needs and priorities.

Regularly review your subscriptions

Don't forget to review your subscriptions regularly. Perform a periodic cleanup of your subscriptions to ensure they remain relevant and valuable to you. This will help avoid unnecessary payments and maintain proper control over your expenses.

Keep your subscription expenses under control

Calculating your subscription expenses is essential to maintain adequate control of your personal finances. Through a thorough evaluation of your subscriptions and the implementation of certain tools and tips, you can make informed decisions about your subscription expenses, thereby optimizing your budget and ensuring that you use your money more effectively. Remember, the key is to find the balance between enjoying the services and products subscriptions offer and ensuring they contribute to your financial goals and priorities.

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