It seems like almost every product, good or service offers a subscription option. It makes sense because subscriptions enable customers to make larger purchases strategically.
If you don’t have a lot of cash on hand or you would like to use your cash in a different way, subscriptions are a way to eliminate financial barriers to purchase. And let’s face it, businesses also love offering subscription options because they are able to build a predictable income stream into their business.
But there are a couple of downsides to paying for a large number of subscriptions monthly.
- Forgetting the free trial that you enrolled in. We’ve all done it before. Subscribed to the service to watch the NBA finals, US Tennis Open, or that one new Disney show that would only stream on Disney. Or, maybe you decided to test out a new product or resource and wanted to evaluate if you would like to continue using it at the end of the trial. Basically, you wanted to make sure that it was actually worth the price.
- It’s easy to get disorganized and lose track of the different subscriptions that you’re enrolled in. In fact, I have at least 15 different subscription services that I’m enrolled in for both personal and business products.
- Because of the ease of enrolling in subscription services, it’s easy to forget to evaluate the lifetime cost of using a subscription vs. paying an annual fee. Typically, annual payments result in savings for the consumer.
- Being caught off guard when your subscription changes in price. It’s a little embarrassing to admit that in a past life changes in my subscription costs have overdrawn my account. I was dealing with slim margins and when the amounts changed it hurt my account.
- Lack of financial simplicity. The more subscriptions one has, the more complicated your finances can become.
Qube Money Subscription Controls
Fortunately, Qube has considered how to manage subscriptions and avoid some of the financial downsides that can occur when you enroll in a subscription service. Qube’s subscription controls helps consumers manage their favorite subscriptions and avoid accidental overdrafts, charges and forgetting a free trial period has ended resulting in being charged for a service that you may decide to say “no” to.
Here’s how it works.
- Create a new Bill Qube
- Name your Qube and pick your Qube’s color
- Set the subscription amount that will be withdrawn from your account. Double-check this amount before setting this up and indicate if it’s a fixed or variable amount. In this case, because you’re trying to have some control over subscription, setting it as a fixed amount is the way to go.
- Fund your Qube and schedule the payment date.
- Add your merchant details to your Qube
- Set the pre approved amount that can be withdrawn from your Qube
Managing Your Favorite Subscriptions
It sometimes can feel like managing your numerous subscriptions feels like a second job. Doesn’t have to be a complicated process. In fact, using Qube as a dedicated account for your subscriptions may also provide some clarity on how much you are spending monthly on your favorite subscriptions. This insight may also give you additional clarity on what services you actually use and which ones you don’t. Subscriptions are a financial option that can become incredibly expensive overtime for the subscriber who isn’t actually using the product they subscribed for.
If you’re unsure if the subscription control feature would work for you do the following:
- Count the number of paid subscriptions that you’re currently enrolled in. You may be surprised by the number.
- Take note of the accounts that are connected to those subscriptions. Ask yourself the following question: does this feel organized enough?
- Do you have a good idea as to when each payment is due?
- If your system feels a bit disorganized then the Subscription Control feature may be a great way to get a handle on the role of subscriptions in your overall budget.
What Are the Benefits?
There are three important benefits to keep in mind when using subscription controls.
- Avoid Annual Renewal Surprises-Not getting caught off-guard by annual renewals. Did you try out Amazon Prime last year but this year you don’t feel like paying the $119 annual fee? Using Subscription Control will keep you from being charged when you’ve completely forgotten when your annual renewal will update.
- Save Your Time-Managing your finances does take some time. Simplifying your subscriptions helps to free up the time managing missed payments or going through your bank accounts figuring out if you’ve paid your bill.
- Time to say “No!” to the trial subscriptions that you realized too late were a bad fit for you and your wallet. Using the Subscription Control feature allows you to say “no” to subscription after your Qube account declines the transaction.
Subscriptions are a great way to easily access goods and services that may otherwise be out of financial reach. That ease of use though can accidentally negatively impact your budget over time if you’re not paying close enough attention.