Last month, just before going to bed, I received a text message, “You have spent Rs 459 at Amazon using your debit card.” I went to bed after that. When I awoke the following morning and checked my message, I discovered that Rs 459 had been deducted from my account. Later, I found that the Amazon app did not disable auto-renewal. I was taken aback when Rs 459 was removed from my bank account for a service I no longer need since I no longer utilized it. That’s when I realized I wanted to look at how much money I was paying on services and apps each month. Instead of claiming to be a personal finance guru, I’d like to provide some advice on how to control your technology consumption.
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Examine Where Your Money Is Going.
Pay attention to the fundamentals of financial literacy, whether you are a student or an adult with a job. Nothing in life will ever tell you if it is more vital to enjoy a cup of coffee at a café or to pay off the EMI on your phone before the deadline. This essay aims to educate you about the advantages of financial literacy to understand where your money is going—every tiny dime matters. I landed myself into a financial bind because I impulsively purchased used gadgets on OLL. I spent a lot of money on outdated equipment, but now I budget before buying anything new.
Creating A Monthly Streaming Budget.
For the first time in a long time, I totalled up my monthly subscription charges in my savings account a little over a month ago. It startled me that I had forgotten about so many subscriptions, mainly because I had forgotten so many. Subscription services are simple to sign up for, but keeping track of how much you spend on them may be difficult.
- Apple Music
- Amazon Prime
- PlayStation Plus
- Google Doc
- Alt Balaji
- Xbox Game Pass
- Disney Hotstar Plus
- Apple TV Plus
Determine Which Services You May Discontinue.
Choose which services to continue running over the weekend and which to discontinue. After a few months of not using it to stop receiving shipments, you may cancel your Netflix subscription. If you do this, you might save Rs 499 every month. If you can’t afford to travel somewhere or make your laptop’s monthly installments, you should save up for something else. One advantage of these services is that you may return at any moment and continue watching if there is a show you want to see.
Signing Up At The Most Basic Level Is The Best Option.
Because they don’t have a TV at home, some folks rely only on Netflix or Amazon Prime for entertainment. If they want to save money, I’ll advise them to go with the basic membership rather than the premium membership. Netflix, for example, offers a Rs 149 bundle that only works on mobile phones. Signing up is a no-brainer if you’re going to watch on your phone. Before you join up for any service, consider if you truly need the super-premium plan. Each plan costs more than the one before it, similar to how Disney Hotstar Plus has three tiers. If you don’t have a 4K TV, the Rs 1,499 yearly membership is pointless, although four people may view material without advertising on the same account.
Look For A Plan That Includes A Variety Of Services.
It is preferable to get a service bundle that contains everything rather than paying for each service individually. I’m not sure if you’ve heard of Apple One, but it’s a service bundle that combines Apple’s most significant goods, such as Apple Music and Apple Arcade, for a discounted price. This month, I paid Rs 195 for the Apple One Individual Plan, including Apple Music, iCloud Storage, and 50GB of iCloud Storage. Previously, I had to pay more than Rs 200 per month for Apple Music and Apple Arcade alone. Another incentive to acquire an Apple One is Severance’s programme, which I’m now binge-watching on Apple TV Plus.
Make A Budget For Your Monthly Expenditures.
I’ve learned this essential financial lesson in the last ten years. Sticking to a budget can help you achieve your financial objectives, but keeping track of your monthly costs will save you money. What you should do is as follows:
Streaming Services Charge A Fixed Fee:
Spending money on streaming services and subscriptions should be kept in a separate account. The 50/20/30 guideline might help you create a budget. Most of the time, you divide your income into three equal parts: 50% for needs (such as rent or food), 20% for savings (and debt repayment), and 30% for discretionary expenditure (eating out, streaming services, etc.). A monthly budget, if it works, allows you a lot of flexibility. Like me, you’ve determined which services to use and how much you want to spend each month on them. Keeping track of how much money I have to pay each month has been the most challenging task I’ve faced.
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