Here’s what we have on deck today:

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📗 Read: How to Do a Subscription Audit That will Save You Thousands

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🎙️ Listen: How to Teach Your Kids About Money (By Age!)

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The Personal Finance world is one that likes to focus too much on the small stuff.
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• “Cut out your daily latte or avocado toast”.
• “Step spending so much on delivery”
• “Make your own laundry detergent.”

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Just to name a few.

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I am all for saving small amounts of money if it’s fun for you. But I think money should be used as a tool to give you the life you want. In addition to being a tool to give to others in need.

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But, one thing I can not tolerate is wasting money on things you don’t need.
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Guess what?

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I do it all the time.
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You probably do too, and that’s okay.
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We get better with money over time, as long as we are conscious about our decisions.

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But, here is my confession. I have been paying hundreds of dollars per month in subscriptions that I rarely use.
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So today, I am going to dive into my new system to audit your subscriptions and give you my litmus test to determine if you should keep your subscriptions.

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I saved over $2,000 this year just by going through this exercise. I think you may find some savings out there too.

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Step 1: Figure out What you are Subscribed to (Time 5 -10 Min) ​
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In the old days, you had to pull up bank statements and comb through them with a magnifying glass like a financial Sherlock Holmes to find your subscriptions.
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Luckily, technology has made it easier to monitor your subscriptions. I use Rocket Money because they have a feature showing recurring subs, but you can use any tool you like.

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Pull up your list of subscriptions and mentally ask yourself three questions.

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• Do I get value out of this every month? Or, do I use it less than monthly?
• Does this subscription stretch my budget or hinder me from investing in things I actually love?
• Is it still worth this price to me?
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Once you go through that exercise move on to the next step.

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Step 2: Start to Cancel Subscriptions you don’t value (5 min each) ​
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You should be ruthless in this process.

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Here is the deal.

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Many of us are unsure if we should cancel a subscription because we use it “sometimes”.
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Here is my rule that may help you out. If I am on the fence about something I cancel it and see if I miss it. If I do, I can re-subscibe at any given time.
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Here’s an example of this.
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Yesterday, one of the services I canceled was HBO. I watch HBO whenever a show comes out that I want to watch. I do not watch it regularly. I wanted to keep it in case another show came out that I was interested in.
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That has not happened for months.
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My brain still tried to justify keeping it because it is $15.99. We don’t sweat the small stuff.
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But spending on something that I do not use is wasteful. There is no argument against that. So I canceled it.

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Do this over and over until you have trimmed your subscriptions to your core value group.
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This will take a little more time the first time you do it, then once you regularly review this stuff it should take 5 - 10 minutes per quarter.
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Step 3: Automate your New Savings to Where you Want it to Go

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When you save money like this, the last thing you want to do is nothing. If you do nothing, the money will just commingle in your checking and you will spend it.

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Saving money has zero benefit if you don’t purposefully move it towards your values.
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You need to move that money to places that you want to go. The best way to do this is with automatic transfers.
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Send it to your savings buckets or investment brokerages that matter most to you.
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Maybe you want to send it to travel more, retirement accounts, or for a down payment on a house.
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Automate this and take your willpower out of the equation. If you saved as much as I did, here is what it would grow to if I re-directed it to index funds. ​

I am pretty sure cutting out subscriptions I do not want is worth almost half a million dollars. To calculate how much you would save, add up all your cut subscriptions monthly rate then multiply by 12. Then use this investment calculator.
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Step 4: Repeat this process Quarterly ​
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The first time will take more time than the quarterly reviews. But after the initial subscription purge, this process will be streamlined. Add this to your quarterly money meets and you will streamline your money.

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If I see a great deal on cards I tell you guys.

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Always dive deep into the terms of any credit card offer and stick to smart credit habits. This is a great daily spender for those looking for a new card.

If you want to support us, the link is here under Chase Personal Cards. You can see all our favorite cards here.
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👍 Money Finds

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Vacant Homes Amidst Housing Surges 🏚️💰

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A recent report highlighted by Vice reveals a paradoxical situation: despite skyrocketing housing costs, millions of homes remain vacant. This piece dives into the underlying causes, economic ramifications, and societal implications of this phenomenon.

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10-Year Treasury Topples 5% 📊

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In a CNBC update, the 10-year Treasury rate surpasses the 5% mark once more. The article delves into the broader implications of this shift for individual investors, the U.S. economy, and potential impacts on mortgages and other loans.

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​You Need a Budget: The Proven System for Breaking the Paycheck-to-Paycheck Cycle, Getting Out of Debt, and Living the Life You Want​

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​How to Teach Your Kids About Money (By Age!)​

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​From Sweaty Startup to an 8-Figure Net Worth With Nick Huber​

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​Chase Sapphire Preferred vs. Sapphire Reserve: Which Should You Choose?​

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