How often do you see a new product or service that you would like and think, “Oh that’s cheap. It’s only $10 per month. That’s only 3 cups of coffee at the café.”
I remember signing up to Netflix and thinking this is fantastic. Its only $12 a month! All those movies and shows available.
I remember signing up to Apple Music. That’s only $12 a month too! What a bargain for all that music any time I want to listen to it.
Don’t worry this isn’t a promotion for Netflix and Apple Music, but it’s really easy to be distracted by the seemingly small subscriptions we pay for every month and forget that all of these subscriptions add up.
I remember the day I worked out just how much my subscriptions added up to and it was a real shock.
Besides my entertainment subscriptions I also have a few online subscriptions for tools and utilities like Microsoft Office, antivirus etc and for the most part they were all low value ranging from $10 to $70 per month.
I thought I had an idea of how much but I had never sat down and actually worked out how much I was paying for all of these together.
$6980 per year!
I was floored. How could I be spending so much?
Unfortunately, it’s easy to miss exactly how much subscriptions cost and how quickly they add up.
I wondered if I would sign up so quickly to Apple Music if the price was $144 per year. Or Dropbox at $850 per year (its only $70 per month!).
Subscriptions really are fantastic, and they allow access to products and services in a pay as you go model that is efficient and effective.
Before you sign up to your next subscription though, just spend an extra minute or two looking at the price and see what it really costs over a longer period, and, it may be worth the time to go through all your existing subscriptions and see what they amount to.
I hope it’s not as big a shock as mine was.