Introduction
The world has completely changed with the rise of the Internet. Today, the things and products we have are not the same as before. In the past, when you bought a product, you didn’t have many expenses regarding it other than occasional repairs. However, today most products and conveniences are software-based. This means most of them are not physical products. Moreover, the physical products are made in collaboration with subscription models, such as servicing and more. So, this means the individual expenses are in constant threat from endless services—the majority of which you don’t even need.
Convenience of Subscription Models Comes at a Long-term Price
Some subscription models can be a lifesaver for individuals. It can save you money and help you get better results for a small investment. However, this way of life is only viable when services are limited. Suppose all your salary is spent on having endless subscription services, then you can’t achieve financial freedom.
Moreover, subscription services, especially in entertainment, don’t feel much in the small run. Still, eventually you’ll realise their impact on your savings. Therefore, make up your mind before signing up for the stuff you don’t need in your life. If you can’t own something physically, it’s not worth spending much on it.
How Subscription Models Jeopardise Your Budget
Your budget starts with your salary. However, in a world obsessed with materialistic things, it will end quickly. First of all, there’s the vast portion of EMIs that individuals in cities spend on. Secondly, living costs are high in urban areas. These two are the most significant service-based expenses. You can’t escape from these two situations.
Coming to the smaller expenses in entertainment, this is where you are most robbed of your hard-earned money. The OTTs and other media services have partnered with each other in a way that you don’t even realise it. There’s no single place to watch all the movies, shows, or sports. Thus, you end up purchasing everything. In this way, you’re lost in the endless entertainment without realising that you spent a lot of money.
Subscription Services Make Sense In Some Situations
Not all subscription models are bad. Some related to health and welfare are good options for individuals. However, you need to be very careful before diving into these sectors.
There are many instances of fraud in these areas. That’s why a thorough evaluation is required before you buy a policy or invest in a subscription-based scheme. If it’s for entertainment purposes, it’s better to buy than to rent a service.
Alternatives for Subscription Services
The only alternative to subscription services is life in the offline world. Online, you don’t have much to do without getting into the loop of subscribing to the entertainment. Therefore, try to find activities that are worth your time and effort in the real world.
This will help you to declutter your mind and focus on yourself. Subscribing to a gym is a good choice that will help you become a better person who does not need online entertainment for a dopamine hit.
Subscription Services Are The End of Ownership
The ultimate goal of a subscription-based economy is to reduce individual ownership of products. This means you’ll be in debt all your life to the big players. Yes, it feels good to have all the stuff you need for a few per cent of its total cost, but it doesn’t mean you own it. Keeping this in mind, you can avoid many unnecessary expenses and save money for the bad times, which are always guaranteed.
The Original Wealth is Beyond Subscription or Ownership!
Your original wealth is in the actions you do for others. Yes, we live in a time where the majority of the population does not care for moral values. But that’s not the world you want to live in. So, try to focus more on people than on material. This is the least you can do to curate a society where the future generations want to thrive.
Final Thoughts on Subscription Models and Personal Finances
Subscription services allow individuals to access different benefits at a lower cost. However, not all services need your attention. Some are not worth the price. Therefore, understanding and contemplating your choices can help you save money in a world that is solely focused on subscription models.
Lastly, limiting your dependence on subscription services will help you achieve the financial freedom that is very difficult to attain in the 21st century.