Should You Pay for Online Subscriptions? Regular Reviews to Protect Your Wallet [Book Excerpt]
Hao Xulie, former Managing Director of Fullerton Financial Holdings under Singapore's Temasek and a former senior finance executive at TSMC, now a personal finance podcast host, discusses the consumption traps of the 'subscription economy' in his new book 'Spending Money Wisely'. He reminds consumers that subscriptions are 'long-term commitments' and that one should evaluate the total long-term cost and usage benefits, not just the single payment. Using his own experience of subscribing to an English magazine in college without using it, and a friend's discovery of monthly app subscription fees exceeding NT$10,000, he emphasizes the importance of regularly reviewing subscriptions to avoid invisible waste.
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(Central News Agency website) Have you ever calculated how much you spend on online subscriptions each year? Streaming video, software, newspapers and magazines, games... They auto-renew every month, the amounts are small, and paying for a full year comes with a discount, completed with just a few clicks. But have you ever looked back at your own usage habits? Did the small savings from an annual subscription really save you money? If you don't regularly review your usage, you might be wasting more money without realizing it.
Spending money is a science. Many people think they are rational consumers, but they are actually buying anxiety. Saving money is a virtue, but if you save in the wrong direction, you might end up sacrificing more expensive health, time, and opportunities. Hao Xulie, former Managing Director of Fullerton Financial Holdings under Singapore's Temasek Group and a former senior finance executive at TSMC, who now hosts a personal finance podcast, has published a new book, 'Spending Money Wisely'. He reminds readers not to fall into the trap of 'saving small change', to understand how to spend money, to spend it on worthwhile things, and to make money grow in value. The Central News Agency has obtained authorization to share some of the content with you.
When I first entered university, I had a roommate who was exceptionally good at English. Later, I discovered he had an admirable habit. Besides occasionally listening to the popular English radio station ICRT with headphones in the dorm, he also subscribed to a monthly English learning magazine. He spent about 30 minutes almost every day diligently listening, taking notes, and studying.
One day, when I had some free time, I asked him if I could borrow his magazine. Without a second thought, he put the magazine, along with all his notes and vocabulary cards, on my desk. As I looked through them, a sentence suddenly popped out of my mouth: "Hmm, I think I should buy one to read and study too."
"Huh? Buy one? This is a magazine published monthly. If you only buy one issue, it costs NT$120. But if you subscribe for a whole year, the average cost per issue is only about NT$90. Don't you think it's more cost-effective to subscribe for a year than to buy just one issue?" After hearing my roommate's analysis, I suddenly felt I was being too petty and lacking in financial thinking. I immediately filled out a one-year subscription order.
The decision was indeed made quickly; the money was indeed paid quickly. Life is always like this... imagination is always rich, but reality is harsh.
Although the cost per magazine dropped from NT$120 to NT$90, it seemed like a significant reduction in spending. However, the ultimate purpose of all cost investment is to create value and generate benefits. In other words, all magazines must be read and studied seriously, and the knowledge must be used for the money spent to be truly useful. So, the essence of 'subscription' is a 'long-term commitment'. Since it's a 'long-term commitment', you can't just look at the cost of one issue; you must look at the total annual subscription cost. If you can't diligently follow through for a whole year, it means the overall cost invested hasn't been properly used or treated. That is, even though the money was spent, the expected cumulative benefits were not achieved.
I remember that after I subscribed, I became incredibly busy with teaching and performances for the Chinese music club. Later, by chance, I founded the AIESEC student organization, which became the first student organization related to economics and finance at Tsinghua University. Simply put, I was so busy that I had no time for my originally happy English magazine learning plan.
So, when the magazine company asked me the following year if I wanted to renew, I looked at the stack of almost brand-new, unopened magazines next to my desk and silently put away the payment slip.
This was my first profound realization and lesson about the 'subscription' business model. Unlike the typical 'one-time transaction' model, spending on 'subscriptions' requires looking not just at the single 'one-time' cost, but also at the cumulative 'ongoing' cost.
When spending money, you must not only care about a single expense but also about ongoing expenses. After all, a 'subscription' anticipates long-term cumulative benefits, so the cost perspective should also be the long-term cumulative total cost. Even if the single cost is very low, if the expected overall benefit is not achieved after spending the total cost, you should decisively stop the subscription.
Looking back, one of the key reasons I was able to realize this a year later was because I could see the 'tangible' magazines piled up next to my desk. It made me realize that no matter how cheap a product or service is, it's a waste if you don't use it.
However, people are very forgetful. No wonder a teacher once told me that people often don't need to be 'educated' but 'reminded'.
Later, with the rise of mobile apps, the 'subscription economy' became a trend, and I 'forgot the pain once the wound healed'. Especially the subscription model for apps, unlike 'tangible' magazines, is a completely 'intangible' existence. Even if you spend money and don't use the app you subscribed to, you can't be constantly reminded of the ineffective expense like you would by looking at unopened magazines.
It wasn't until a gathering of friends that one of them suddenly said, "You know what? I recently checked the subscriptions on my phone and found that I'm spending nearly NT$10,000 a month on various software subscriptions. That means my annual subscription cost is over NT$100,000."
After he said that, I couldn't help but swallow hard. I thought to myself, "I probably have quite a few subscriptions too. I've never really calculated how much I spend on subscriptions each month."
After the gathering that day, I opened my phone's subscription page and did a quick tally. To my surprise, my own monthly subscription cost was also substantial, only slightly less than my friend's. At that moment, I remembered the lesson from the English magazine subscription.
Fortunately, phone subscriptions are calculated monthly, not annually. So, I seriously reviewed the usage of all my apps, one by one canceling those I rarely or no longer used, instantly cutting down on tens of thousands of NT dollars in unnecessary expenses.
A subscription is not just a one-time expense; it's an ongoing expense. When spending money, you must not only care about a single expense but also about ongoing expenses. What matters in a subscription is not just the short-term benefit, but also the long-term commitment. (Book excerpt authorized by Commonwealth Publishing; Editor: Yang Ziying) 1150603
Spending money is a science. Many people think they are rational consumers, but they are actually buying anxiety. Saving money is a virtue, but if you save in the wrong direction, you might end up sacrificing more expensive health, time, and opportunities. Hao Xulie, former Managing Director of Fullerton Financial Holdings under Singapore's Temasek Group and a former senior finance executive at TSMC, who now hosts a personal finance podcast, has published a new book, 'Spending Money Wisely'. He reminds readers not to fall into the trap of 'saving small change', to understand how to spend money, to spend it on worthwhile things, and to make money grow in value. The Central News Agency has obtained authorization to share some of the content with you.
When I first entered university, I had a roommate who was exceptionally good at English. Later, I discovered he had an admirable habit. Besides occasionally listening to the popular English radio station ICRT with headphones in the dorm, he also subscribed to a monthly English learning magazine. He spent about 30 minutes almost every day diligently listening, taking notes, and studying.
One day, when I had some free time, I asked him if I could borrow his magazine. Without a second thought, he put the magazine, along with all his notes and vocabulary cards, on my desk. As I looked through them, a sentence suddenly popped out of my mouth: "Hmm, I think I should buy one to read and study too."
"Huh? Buy one? This is a magazine published monthly. If you only buy one issue, it costs NT$120. But if you subscribe for a whole year, the average cost per issue is only about NT$90. Don't you think it's more cost-effective to subscribe for a year than to buy just one issue?" After hearing my roommate's analysis, I suddenly felt I was being too petty and lacking in financial thinking. I immediately filled out a one-year subscription order.
The decision was indeed made quickly; the money was indeed paid quickly. Life is always like this... imagination is always rich, but reality is harsh.
Although the cost per magazine dropped from NT$120 to NT$90, it seemed like a significant reduction in spending. However, the ultimate purpose of all cost investment is to create value and generate benefits. In other words, all magazines must be read and studied seriously, and the knowledge must be used for the money spent to be truly useful. So, the essence of 'subscription' is a 'long-term commitment'. Since it's a 'long-term commitment', you can't just look at the cost of one issue; you must look at the total annual subscription cost. If you can't diligently follow through for a whole year, it means the overall cost invested hasn't been properly used or treated. That is, even though the money was spent, the expected cumulative benefits were not achieved.
I remember that after I subscribed, I became incredibly busy with teaching and performances for the Chinese music club. Later, by chance, I founded the AIESEC student organization, which became the first student organization related to economics and finance at Tsinghua University. Simply put, I was so busy that I had no time for my originally happy English magazine learning plan.
So, when the magazine company asked me the following year if I wanted to renew, I looked at the stack of almost brand-new, unopened magazines next to my desk and silently put away the payment slip.
This was my first profound realization and lesson about the 'subscription' business model. Unlike the typical 'one-time transaction' model, spending on 'subscriptions' requires looking not just at the single 'one-time' cost, but also at the cumulative 'ongoing' cost.
When spending money, you must not only care about a single expense but also about ongoing expenses. After all, a 'subscription' anticipates long-term cumulative benefits, so the cost perspective should also be the long-term cumulative total cost. Even if the single cost is very low, if the expected overall benefit is not achieved after spending the total cost, you should decisively stop the subscription.
Looking back, one of the key reasons I was able to realize this a year later was because I could see the 'tangible' magazines piled up next to my desk. It made me realize that no matter how cheap a product or service is, it's a waste if you don't use it.
However, people are very forgetful. No wonder a teacher once told me that people often don't need to be 'educated' but 'reminded'.
Later, with the rise of mobile apps, the 'subscription economy' became a trend, and I 'forgot the pain once the wound healed'. Especially the subscription model for apps, unlike 'tangible' magazines, is a completely 'intangible' existence. Even if you spend money and don't use the app you subscribed to, you can't be constantly reminded of the ineffective expense like you would by looking at unopened magazines.
It wasn't until a gathering of friends that one of them suddenly said, "You know what? I recently checked the subscriptions on my phone and found that I'm spending nearly NT$10,000 a month on various software subscriptions. That means my annual subscription cost is over NT$100,000."
After he said that, I couldn't help but swallow hard. I thought to myself, "I probably have quite a few subscriptions too. I've never really calculated how much I spend on subscriptions each month."
After the gathering that day, I opened my phone's subscription page and did a quick tally. To my surprise, my own monthly subscription cost was also substantial, only slightly less than my friend's. At that moment, I remembered the lesson from the English magazine subscription.
Fortunately, phone subscriptions are calculated monthly, not annually. So, I seriously reviewed the usage of all my apps, one by one canceling those I rarely or no longer used, instantly cutting down on tens of thousands of NT dollars in unnecessary expenses.
A subscription is not just a one-time expense; it's an ongoing expense. When spending money, you must not only care about a single expense but also about ongoing expenses. What matters in a subscription is not just the short-term benefit, but also the long-term commitment. (Book excerpt authorized by Commonwealth Publishing; Editor: Yang Ziying) 1150603
FAQ
How to prevent waste on subscription services?
Regularly review your usage and cancel services you don't use. For annual subscriptions, compare the total cost with your actual usage frequency.
Who is the author of 'Spending Money Wisely'?
The author is Hao Xulie, a former top executive at Temasek and TSMC, who now hosts a personal finance podcast.
What is the essence of a subscription?
A subscription is a 'long-term commitment'. You need to consider not just the single cost, but the total long-term cost and the cumulative benefits it brings.