Saving on Subscriptions & Recurring PaymentsJul 05, 2022
Many business owners have a small bunch of recurring payments, but since the great freeze of 2020, there have been so many more online activities globally. And nowadays there are so many tempting tools to purchase. Not to mention the apps they've really boosted in the marketplace as well.
Raise your hand if you’re a sucker for a great-looking tool. You know, the ones you're scrolling on Instagram and a sponsored ad appears with all the bells and whistles to make editing videos for reels a breeze. Take a minute and ask yourself, A, do I need it? Secondly, are you going to use it? And this is the biggest trap we all face.
It's just too easy to press the buttons these days. The worst one is opting in for a free trial giving your card details and three months later, seeing you paying for something you completely forgot about.
Another couple to watch out for are the bank account fees and the annual credit card fee. Setting yourself reminders on my calendar for many recurring payments so that if I need to change them or cancel them, your reminders tell you when to do so.
One more trap is the option to pay annually or monthly. You might need to think about this one carefully. Don't forget while it's great to save money with the annual discounts, it's also money out of your bank now. It's easy to forget when the year ticks over and many don’t give partial refunds.
A great item to check out is what tier you are on with some of your subscriptions. Sometimes we can save money by downgrading, even if it's just for six months until we need more features or our usage increases. Check out those plans that you've already got and see how much you are paying, and what tier you fall into. The only trick can be, and something to be careful of, if you have a platform that holds assets, something that you may need in your business. Make sure you know what will happen if you downgrade to those assets before pressing the button.
If you would like to check your recurring payments, you are welcome to grab a free tool I have created. It's a Google spreadsheet with everything you need to get those night ninjas out of your bank account. Head over to kerryzarb.com/subs. This tool helps you list all the recurring payments and then also track your savings as you cancel the ones you no longer need.
Happy biz beans everyone!