Today, there are countless ways to tap into the internet and streamline the way we buy things. And while saving time during the day is a priceless benefit, sometimes it seems faster and more straightforward to just head to the store.
Layer on the umpteen online subscription services for everything from diapers and razors to smoothies and the latest fashions, and you could find yourself — and your wallet — in trouble.
It takes time to manage all these “time-saving” services. And if you miss a beat, your bank account can often take a hit. Consider these five tips to make sure that the latest and greatest retail innovation doesn’t get the best of you (and your money).
[See: 10 Signs You Shop Too Much.]
1. Ask yourself, what is the problem you’re trying to solve. Are you looking to avoid the hassle of stopping at multiple grocery stores? Or are you looking to update your closet without breaking the bank? As you’ve identified the need, be sure the service is truly providing value and filling that need.
2. Consider how long you anticipate needing the service. Is this something, such as dog food, that you need regularly or are you simply looking to jump-start healthy eating with a service you may only need for a few weeks or months? Once you’ve identified the right timing, it will help you decide whether to set the service on auto-renewal or not.
And by the way, it’s more than OK to say, “I’ve got a busy few weeks coming up at work, so maybe a meal-delivery service like Blue Apron or HelloFresh would help me stay on track with healthy eating.” Just set a reminder on your calendar within a month or two to check with yourself to see if you’re still loving it, and if it makes sense as a time- saver and service you can still afford.
[See: 12 Shopping Tricks to Keep You Under Budget.]
3. Mark your calendar. If it’s the first time you’re checking something out and taking advantage of a one-week or one-month trial, mark your calendar three days before the trial expires with a reminder to update your account, either continuing the service, suspending it or closing down the account. That way, you won’t be subject to another one-month charge and delivery of food, clothing or other items you may not want.
4. Know the rules. Make sure to know the timing constraints on any potential returns after you’ve received the items. If you’re not going to keep something, such as the latest from Stitch Fix, do you have time to try everything on, consider it with other items in your closet, and return the items you don’t want to keep within three days? Think seriously about this one.
[See: 12 Habits of Phenomenally Frugal Families.]
5. Know what you’re spending. If you have subscribed to a few subscription services, and have them on autopilot, you may not know how much you’re spending, particularly for those services that are a nice to have, rather than need. The numbers may surprise you. At anywhere from $10 to $50 a month, the costs add up. So, consider a service like Trim or Truebill. The latter says that the average user saves up to $512 annually by reviewing and canceling their subscription services.
The advantages of avoiding the mall, never running out of diapers or wipes and even keeping the pantry full of organic snacks can be immeasurable. And admittedly, many of these subscription services also offer a great way to explore new things that may be hard to fit into your schedule or difficult to find in your city or town.
Just be certain that the experience and the time savings are genuine and that your wallet and peace of mind aren’t suffering. Being mindful of the overall benefit and cost of these experiences can help prioritize them in your budget and make sure your other financial goals aren’t missing out.
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5 Tips to Make the Most of Your Online Subscriptions originally appeared on usnews.com
