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Watch those subscriptions: they add up and can lead you to money troubles

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Aneth Ng-Lim

<p>Is there such a thing as too many subscriptions? If yes, just how many is enough and how many is too much?</p><p>Well, there’s no one answer that applies to everyone for all 3 questions, and it is your wallet that will ultimately decide if your subscriptions are already out of control. </p><p>A friend was just sharing how she is trying to finish one drama (which I recommended to her) so she can jump to another show. I didn’t realize that next show was available where I watched the first show, and turns out it wasn’t. It was on another platform, which meant she is subscribed to two content streaming services. </p><p>But when I asked her if she needed two, she confessed she actually has six video streaming subscriptions! Knowing her workload, I can’t imagine she has time to watch with all six, or that she uses all six. She confessed my suspicions are correct, and explained that she would sign up each time there was a show she liked and was exclusively on that platform and that happened at least five times leading to six subscriptions in all.</p><p>And that’s not all. She also has audio streaming subscriptions, game subscriptions and altogether, they cost nearly P10,000 a month to maintain.</p><p>Are you in the same boat? Maybe you no longer track how many subscriptions you pay for, and when they renew, but that’s money you are potentially losing, and money you could spend on something else, or even better, save for the future.</p><p>Here are five things you need to do to take control of your subscriptions.</p><div><strong>#1 Ignorance can cost you</strong></div><p>Go to your credit card or mobile wallet and check just how many subscriptions you paid for in the last year. You may have signed up for an annual plan so just checking last month’s history is not enough. Take the time to make a complete list so you will know which ones you are paying for, which ones you are using, and which ones you can let go.</p><div><strong>#2 Read the fine print of FREE SUBSCRIPTION offers</strong></div><p>It’s easy to say yes to free trial subscriptions, but check the fine print. Will you be automatically charged after the trial period? Are you allowed to cancel anytime with no penalties? Will you be notified when the trial period ends and that you will be charged soon? </p><p>I remember being so mad when I fell victim to this. MyUS.com offered me a free membership via my BDO credit card. I intended to try it but never got around to it. And then months later, I saw a US$7 charge on my card. This was their monthly membership fee. I contacted them to cancel the membership, which they agreed to do, but I still have to pay the $7, and BDO credit card said they can’t help because that’s between me and their partner (to whom they introduced me to, by the way). Moral of the story: nothing is really free.</p><div><strong>#3 Cancel auto-renewals unless you are sure you need them</strong></div><p>Another trick subscription companies use is auto-renewal. And it’s not just the streaming ones, but even other services like Grab for their GrabUnlimited plans that offer free or reduced rates for food deliveries. Track your monthly and annual subscriptions and cancel them before renewal if you don’t think you have been using them as much, and can live without them, even for a while. The most efficient way is to cancel auto-renewal altogether, because they will more likely contact you to renew than to inform you that you will be charged again.</p><div><strong>#4 Use one payment method if possible</strong></div><p>One reason subscriptions become unmanageable is when you use different payment methods. Maybe one credit card for Netflix and YouTube Premium, another card for WeTV and VIU, a mobile wallet for Disney+ and Spotify, well, you get the picture. This makes it harder for you to track and see just what all those subscriptions are costing you. Try to consolidate in one payment method and you will discover how much easier it is to know what are worth keeping and which ones can be dropped.</p><div><strong>#5 It’s not really a good deal if you are not making use of it</strong></div><p>You might argue that you got a really good price for your annual subscription. But if you only needed it to watch one drama and finished that in less than a month, then a monthly subscription you can cancel after a month or two would still come out cheaper. Free trial subscriptions are a good deal but only if you can cancel. Same is true for trial subscriptions that are at 50% off or discounted. Bottom line, pay only for what you use and need, and hang on to your money when you don’t.</p><p>* * *</p><p>If you need an incentive to tackle your subscriptions-related spending, then consider how you could be paying for a trip or new phone without knowing. Save yourself some money and start tracking your subscriptions. Now is a good time to get started.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/blogs/business/07/04/22/5-facts-consumers-need-to-know-about-their-credit-card">Five facts every consumer needs to know about their credit card</a></li>	<li><a href="https://news.abs-cbn.com/business/01/25/23/your-monthly-credit-card-interest-rate-is-up-by-50-pct">Bad news for credit card ‘revolvers’: your monthly interest rate is going up by 50 percent</a></li></ul><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2432990" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Is there such a thing as too many subscriptions? If yes, just how many is enough and how many is too much?