Like every subscription company, from internet, cell phones, TV, gym, satellite, insurance, and movies, what these subscriptions all have in common is some sort of promised beneficial time period that is normally pitched at you with a promise, a promise to possibly get more for their 12-month subscription.
Paid Streaming Video Services
With the economy being highly volatile at the moment and with the rising cost of living, we need to be on the lookout for ways to make our money work for us. Optimising your monthly subscription services is one way of doing this. The reason for this is simple: when you need to cut back on spending as quickly as possible, unfortunately, we need to look at certain “luxuries” such as Netflix, Showmax, and Amazon, and only use them when we feel we are a little more financially stable.
The great thing about streaming services such as Netflix and Prime Video is that they offer month-to-month subscription options over the traditional 24-month subscription that satellite TV providers offer. This is a great option to consider, particularly for those of us who don't always watch TV on a daily basis, and also gives you the freedom of cancelling at any time.
Keep in mind you still need internet or Wi-Fi connectivity. Options range from R80 to R1500 per month depending on the speed and quality of connection you require.
Another contract that often gets taken out every year – most often in January, when most of us are working through our new year's resolutions - is, yes, you guessed it, the good old Gym contract. Now let's not get this wrong, being healthy is important, but before you commit to a 2-to-5-year contract, consider training from home initially and making use of the great outdoors instead of hitting the gym. Doing so will give you a good idea if you are ready to commit to a long-term exercise regime and that you will gain maximum value from your monthly gym contract.
Mobile Phone Contracts
Mobile phone contracts are another area where you could realise huge. It's always nice to have the latest and greatest model of phone, but do we really need to upgrade every year and pay for a contract that, along with calls & data usage, could cost thousands of Rands per month?
Another area to consider on your mobile contract is additional services like itemised billing and other value-added services that you may be paying for each month. Although the Rand amounts may seem small for each item individually, they soon add up.
By knuckling down and putting in some effort into streamlining contract costs, you will be amazed by how quickly those small savings on contracts add up. If you are able to, open a savings account and deposit your contract savings into it, and after a few months of consistent saving, you may be surprised by just how much you have saved.
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