Whether you've got Netflix, Disney + and Amazon Video or that subscription to a magazine you always forget to cancel subscriptions can cost a lot. A common question we get is how you manage these subscription payments and keep them under control. Below is a quick scenario guide about a potential way to hold them all under one budget!
Relevant to users on:
Money Dashboard Neon
Not sure which App you are on?
If you are unsure if you are on Money Dashboard Classic or Money Dashboard Neon? You can find that information here
All content is for informational purposes only and is the opinion of the author. Nothing on this website should be interpreted as "advice". Money Dashboard Ltd make no representations as to the accuracy, completeness, suitability or validity of any information on this site and will not be liable for any errors or omissions or any damages arising from its display or use.
What tools do I need for the job?
Let's say we are trying to understand how much you spend on streaming subscriptions
The starting point will need to be categorisation. You have 2 possible routes:
- You can keep all the subscription payments under that category that have been automatically categorised as (Likely experiences)
- Create a custom category called "subscriptions" and keep it under there. More information about how to create a custom category can be found here.
Note: Don't include these payments as scheduled payments or they won't appear on your budgets as this will impact your Spending Plan and Left to Spend figure. More information about this can be found here.
Categorise the Transactions
You need to find the most recent transactions from these subscription payments and re-categorise them (if you have gone down the custom category route) and it will identify the previous transactions that these categories should be provided to. More information about how to categorise your transactions can be found here.
Create a budget
Go to the spending plan page and create a budget that includes the subscriptions category you created. More information about how to create a budget can be found here. Voila, you are now in control.
But I pay yearly I hear you say?
In this case you can use the Spend Analysis and Overview page to clearly see how much you are paying for subscriptions over the year. You just need to set your time horizon to yearly when you look at your Overview Breakdown. It is also a great way to see how much money you have spent on that category over the last calendar year.