It’s amazing how a little rectangular piece of plastic can make life easier—especially when it comes to subscription services. With a credit card, you can effortlessly set up recurring payments for your favourite news websites, fitness programs and monthly goody boxes, plus receive your favourite products and services directly to your door or smartphone. This convenience has its price and many Canadians are becoming disconnected from their spending as a result.
But don’t worry, there are some simple ways to take control of your spending on subscription services. Check them out below.
- Take a look at your existing subscriptions.
If you’ve been paying for a subscription for a few months or years, take some time to assess if the benefits outweigh the cost. Do you really need access to every TV- and movie-streaming service on the market? (If you’re an entertainment junkie, maybe keep this subscription.) Do you need a fresh razor delivered to your door every two weeks? (If you only shave once a week, then maybe cancel this one.)
Overall, there are probably a few subscription services that you can cancel if they no longer enhance your life, or if the items you’ve received are currently collecting dust. You can also consider altering the delivery frequency of a subscription. For example, if you receive a bag of dog food every five weeks but you always end up with leftover kibble, then perhaps you can look into moving Scruffy’s dinner drop-off to every six weeks instead.
- Resist the urge to sign up for more.
You might think since you’ve cleaned up some of your subscriptions, there’s more space in your wallet for that great cheese-of-the-month club membership you’ve sniffed out. Before you sign up, take a look at how much cheese—or other subscription-based goods—you’re actually consuming. And then, determine if it would actually save you money by signing up, or if it’s worth just buying these products outright. If it’s pricier for the subscription, maybe give it a pass.
- Get reminders about subscription renewals.
Recurring payments for annual subscriptions that are charged to your credit card can be easy to forget—but they influence your budget and credit health just like any other purchase. To help keep customers in the know, Capital One® looks out for unexpected charges on credit cards. They notify their customers about things like bill hikes, subscription renewals and double charges. Reminders like these can help their customers better track their cash flow and keep on top of their budgets.
Help kick financial anxiety to the curb with more awareness about your own credit. There are a number of useful credit card tools that can help you simplify your finances and build or rebuild credit. Visit the Capital One website for more information about their products and services.