How To Determine What Should Stay Or Go With Rising Inflation
On Wednesday, June 15th, the Federal Reserve raised the interest rates by a 0.75 percentage point. Add that to rising inflation and gas prices and everyone is looking for ways to save money. One of the things to consider is subscriptions.
Cosmopolitan has come to the rescue with a totally necessary guide to canceling subscriptions. How do you figure out what to keep or let go of? Here are some of their suggestions.
Guide To Canceling Unnecessary Subscriptions In Your Life
Figure out if you'll use it enough - If you're spending $100 a month on a gym membership, see if it's worth it. Divide the cost by how much you use it over the course of four weeks.
If you go 10 times a month, then it's $10 a session. If you only went twice, basically you paid $50 per workout. Be honest with yourself and react accordingly.
Get rid of it if you haven't used it in two months - If you have a streaming service that you never watch then you are throwing your money into the trash. Even if it's only $5 a month then you're throwing away $60...or almost a full tank of gas.
Reevaluate if it's more than $50 a month - That is a lot of money even before inflation hit its highest rate in the last 40 years. Make a list of any subscriptions that go higher than $50 a month and keep your eye on it.
If you use auto-renew, set a notification a few days before the payment is due. Decide if it's still working for you or if it's time to (in the words from Frozen) let it go.
We are all tightening our purse strings and these are some of the ways that can help you trim the fat.