You’re stuck at home, going mildly delirious from the illness wreaking your body, when it seems like a really good idea to whip out your computer and just LOOK around the web. You know, just casually perusing all those mags/clothes/gyms/streaming sites/etc you’ve been keeping an eye on JUST so you know if the prices have changed. It’s not like you’re going to BUY anything. Then BOOM, next thing you know you’ve signed up for all kinds of subscriptions and you don’t even realise you’ve done it until the next bill hits your bank accounts.
Ok so that’s an absolutely true story from yours truly, but I can’t be the only one? Even the ones you made with a totally clear mind because they seemed like such a good idea at the time and now here you are months later having looked at said subscribed thing maybe 3 times?
Maybe it’s time to stop! Yes, I’m talking to myself just as much here. Earlier this year, ANZ released figures showing that over a third of Aussies are only just getting by, or struggling. And it’s not about income, at least not entirely. It’s about our spending habits (i.e. we cannot afford random useless subscriptions.)
“A key finding is that financial wellbeing is largely determined by a person’s behaviour and attitudes towards money, not just their financial knowledge and experience, or how much they earn,” ANZ Head of Financial Inclusion, Michelle Commandeur, says of the study.
Let’s think about changing those habits, shall we?
Start with taking note of where your money is going. It doesn’t seem like this should be hard, but that payment comes out and we swear to track down from where just as soon as we get on lunch break, but then we inevitably totally forget until the whole cycle continues the next month.
No more! We’re going to hunt it down straight away and see if it’s something we actually use.
Are you really listening to that music you’re paying for, or are you usually chucking on your music library? Have you found any shows you actually like on your streaming service, or have time to watch it? When’s the last time you read that mag all the way through. Yes people still subscribe to mags, like my old-school self. Do you need new razors/ice-cream/dog food arriving at your house every other week?
If it’s dead weight, get to cutting.
So what happens if you are thoroughly enjoying each and every one of your subscriptions?
I’m so sorry, but maybe it’s time to get a bit more financially savvy. Can you really afford them all? You can find out by using online tools and apps that help you track your spending and spit out how much you’re saving each pay cycle. If your resulting number is low, or nothing, or negative…well that’s probably not ideal. It might be time to readjust your budget and pick only your top subscriptions.
This article was sponsored by ANZ, AFSL and Australian Credit Licence No. 234527 but it sure wasn’t written by them. Always speak to the experts before making financial choices, ok?
