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Blog on Finance : Here's Everything You Need to Know.

Blog on Finance : Here's Everything You Need to Know.

5 Ways to Manage Your Subscription Payments

Subscription Payments

Money

5 Ways to Manage Your Subscription Payments

5 Ways to Manage Your Subscription Payments

Subscription payments are a type of arranged, periodic payment in exchange for a specific service or goods. The fee remains in effect for as long as the customer does not have their subscription terminated or cancelled.

If you are subscribed to multiple services or products offered by different businesses, it can be overwhelming to keep track of all your bills and determine which services need prioritising from those that do not.

Fret not, though, for there are ways to stay on track with your scheduled subscription payments and make sure you never miss an important transaction:

Use a credit or debit card.

The advantage of using a credit or debit card to pay for your monthly subscriptions is it automatically sends the payment to the business or service provider. Just make sure you don’t max out your credit card, or there are no issues with the card you used in your subscription as payment.

Choose your subscription plan carefully.

Subscriptions come in packages or variations, and each differs in price and the features that come with it. If you are on a limited budget, settle for the subscription package that suits your finances the most. Check the details of each subscription and determine whether the features are something that you need. Can you still enjoy the services that you need even without a particular set of additional offers? Do you want to maximise the monthly payments you send by availing other perks from the business?

Install payment service apps

There are plenty of payment service apps that you can install on your phone. These apps are designed to make contactless payment possible—a feature is extremely crucial during the ongoing global health crisis. Apps designed to provide a safe, swift, and convenient payment setup are typically used to pay for several annual or monthly bills. It can be linked to your existing bank account, and you can also load it up with electronic money. Ensure you double-check the software’s safety and privacy settings to ensure you are not compromising your information security.

Enable email and SMS notifications

Receive your billing statements even while you are on-the-go by choosing to have it sent directly to your email or your phone. In this manner, you won’t have to worry about losing your copy of your bill. You also get to prepare and set aside payments for your subscriptions ahead of time. More importantly, delays and problems encountered by sending your payments are immediately addressed since your provider will automatically send a message to the contact details you provided and inform you of any technical issues encountered while completing your transactions.

Set up alarms or reminders

Take note of the dates when you receive your billing statements and create a reminder on your phone’s calendar app. Then, set up an alarm for the scheduled billing dates. It is an easy and practical method that instantly reminds you of your pending payments for the month. To make your reminders more efficient, try creating your checklist of the fees that you have sent along with any remaining balance that you need to settle for each subscription.

Without dutifully keeping a close eye on your expenses and weighing it with your monthly subscription payments, it is possible that you may miss payment deadlines. The more deadlines you miss, the more your bills pile up until it becomes a staggering amount of debt.

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Aaron Smith is a content marketing executive at Blogonfinance. He frequently blogs for the Blogonfinance business blog and Forbes. Connect with him on Twitter @aaronsmith20111

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