7 Simple Steps to Start Saving Money Today!

Welcome! In today’s blog post, we will discuss the topic of how
to save money. One of the quickest ways to make an immediate and long-term
impact is to cancel all of your unnecessary subscriptions. (or at least some –
I know its scary to let stuff go, but your future self will thank you!) By
following these simple steps, you can make a significant impact on your
long-term financial well-being. Let’s dive in!

Step 1: Assess Your Subscriptions

The first step in canceling unnecessary subscriptions is to
assess what you currently have. Take some time to go through your bank
statements, credit card bills, and any other financial records to identify all
the subscriptions you are currently paying for. There are a few apps that can
help you with this – I will discuss those in a future post, but checking your
bills and statements is the most accurate method.

Make a list of each subscription, including the name, cost, and
frequency of payment. Seriously write these down and add up how much you are
spending in total every month. If you’re like me, you’ll be surprised by how
much extra money you could be keeping in your pocket every month.

Step 2: Evaluate the Value

Once you have a comprehensive list of your subscriptions, it’s
time to evaluate the value they provide. Ask yourself whether each subscription
is truly worth the cost. Consider how often you use the service or product and
whether it enhances your life in a meaningful way.

Some subscriptions may be essential, such as healthcare or
insurance, while others may be more discretionary, like streaming services or
gym memberships. Be honest with yourself and prioritize the subscriptions that
bring you the most value.

Step 3: Identify Unused or Duplicate Subscriptions

As you evaluate your subscriptions, you may come across some that
you no longer use or that provide duplicate services. For example, you may have
multiple streaming services that offer similar content. Identify these unused
or duplicate subscriptions and mark them for cancellation.

It’s easy to accumulate subscriptions over time without realizing
it, so this step is crucial in identifying areas where you can save money
without sacrificing much.

Step 4: Research Cancellation Policies

Before canceling any subscriptions, it’s important to understand
the cancellation policies of each service provider. Some subscriptions may
require a notice period or have specific terms for cancellation.

Visit the websites of the subscription providers or contact their
customer support to gather the necessary information. Make note of any
cancellation fees or potential penalties that may apply. Sometimes, these can
be waived – but always ask first! Try to get confirmation from a real person.
If you can’t, then assume the regular penalties and fees apply.

Step 5: Cancel Unnecessary Subscriptions

Now that you have all the information you need, it’s time to
start canceling your unnecessary subscriptions. Begin with the ones you
identified as unused or duplicates.

Most subscription services offer online cancellation options,
which makes the process quick and convenient. Log in to your account on each
respective platform and navigate to the cancellation or account settings
section. Follow the instructions provided to cancel the subscription.

For subscriptions that don’t have an online cancellation option,
reach out to their customer support via phone or email. Be prepared to provide
the necessary information to verify your account and request cancellation.

Step 6: Negotiate or Downgrade

As you cancel your subscriptions, some service providers may
offer you incentives to stay. They may provide discounts, extended trial
periods, or alternative plans that better suit your needs and budget. A lot of
times, the person you are speaking to has 1 job – to keep you as a customer.

Whatever monthly price they offer, I recommend asking for one
that’s even lower. Remember, you came here to save 100% off your monthly bill,
so anything they can get from you is a win for them. Another option is downgrading
to a lower-tier plan with fewer features.

Step 7: Monitor Your Bank Statements

After canceling your unnecessary subscriptions, it’s important to
monitor your bank statements and credit card bills to ensure that you are no
longer being charged for them. Mistakes can happen, and some providers may
continue to bill you even after cancellation.

If you notice any unauthorized charges or subscriptions that were
not properly canceled, contact the service provider immediately to resolve the
issue and request a refund if necessary.

Conclusion

Canceling unnecessary subscriptions is an effective way to save
money and regain control over your finances. By following these steps and
evaluating your subscriptions regularly, you can free up funds for more
important financial goals or simply enjoy the extra savings.

Remember, it’s essential to be mindful of the value each
subscription brings to your life and make informed decisions. Saving money
doesn’t mean sacrificing everything, but rather prioritizing what truly matters
to you.

Start today, take control of your subscriptions, and watch your
savings grow!