Source: Own Illustration
Subscription based services are one of the fastest growing business innovations of the last decade. Gone are the days where subscriptions were reserved for newspapers and magazines. Most likely you have come across subscription services in your day-to-day life. Saas (software as a service) is the most common service model for office and work software. Additionally, subscriptions are already the norm for all consumable content we engage with in our private lives, including music and streaming services. In this article we will explore some tips to help you manage subscriptions at home and in your workplace.
What Are Subscriptions Good For?
Subscriptions, or subs for short, are practical contractual agreements that give you regular and often discounted access to products and services such as magazines, streaming services, or theater tickets. They provide planning security for providers and give you, the customer, continuous access to your favorite content. There are several reasons you might decide to use a subscription service. Subscriptions eliminate the need for a large one-time payment. Consequently, making software more accessible to consumers. Although the subscription only provides access for a limited time, it in turn provides flexibility and the chance to test other options.
Why Manage Subscriptions?
As the subscription economy grows, so do the costs. The subscriptions can add up, so you should be tracking what you pay. A small price bump can also easily be missed if one doesn’t have an overview. Fortunately, there are some applications and tools to help you stay on top of things. These tools can notify you when a service increases the prices, help you cancel service you no longer use and maybe help you save some money.
How Can You Manage Your Subscriptions?
If you access a subscription through an online store, you can typically manage the subscription on site. Information about your payments and subscriptions is usually available in the account settings. This is where you can cancel subscriptions you don’t use, with some stores giving you the option to put them on hold. For example, iPhone and android phone users can manage their subscriptions in the respective device settings.
You can also make it easier to maintain an overview by using the same payment options for all your subscriptions. Most payment service providers will monitor your recurring payments. This is the best way to keep an eye on the total costs and any changes in prices.
There are some third-party applications and platforms that can help with subscription management. However, they often have added costs.
The subscription economy will continue to grow and will probably soon include even more services and products that we use. Therefore, it is important to keep an eye on them to make sure you are making the most of them and getting your money’s worth.
Responsible for the content of this article is Masimba Koschke.
The following sources served as the basis for this article:
- [1] Juniper Research
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