When I was in the initial phases of increasing my net worth, the prevalent advice was to steer clear of subscriptions at all costs. They were seen as stealthy drains on your finances—minor monthly charges that silently depleted your savings and accumulated into significant losses over time.
I took that guidance seriously.
For years, I maintained very few subscriptions (perhaps only a couple of magazines, primarily focused on finance). My philosophy was straightforward: if I could do without it, I didn’t need to pay for it. Hahaha.
However, as my financial situation became more stable, I began to reevaluate this viewpoint and experimented with a subscription or two. After engaging in discussions with others from the Millionaire Money Mentors (MMM) community, I encountered a new way of thinking.
Many of them—while being frugal and purposeful with their finances—welcomed subscriptions that truly enhanced their experiences. They were not signing up for every service blindly; they were selectively investing in tools, content, and conveniences that enriched their lives, making them easier, more fruitful, and/or more pleasurable.
Thus, I joined in… hesitant at first, but gradually gaining confidence. I started integrating subscriptions into various aspects of my life—and I must say, they’ve made tangible improvements.
More on that shortly.
## Definition and Popular Subscription Types
Before diving deeper, let’s clarify what subscriptions are to ensure we’re aligned.
I consider them to be any service for which you pay a predetermined amount at a specified time interval.
The most frequent intervals are monthly and annually (at least based on my experience).
Here are several types of subscriptions along with examples for each category:
– **Streaming & Entertainment.** Examples: Netflix, Hulu, Disney+, Spotify, Apple Music, YouTube Premium, Audible.
– **Productivity & Tools.** Examples: Microsoft 365, Google Workspace, Grammarly Premium, Notion, Evernote Premium, Todoist.
– **Learning & Growth.** Examples: MasterClass, Coursera, Skillshare, LinkedIn Learning, The Great Courses Plus (Wondrium).
– **Health & Fitness.** Examples: Peloton App, Apple Fitness+, Fitbod, Calm, Headspace, Whoop, Fitbit Premium.
– **Shopping & Lifestyle.** Examples: Amazon Prime, Costco, Walmart+, HelloFresh, Blue Apron, ButcherBox.
– **News & Information.** Examples: New York Times, The Wall Street Journal, Substack, Apple News+.
– **Personal Finance & Investing.** Examples: YNAB (You Need a Budget), Morningstar Premium, Seeking Alpha Premium, Quicken.
Of course, there are many more, but these cover significant ground and serve as excellent examples in my opinion.
## The Benefits of Subscriptions
Now let’s explore why anyone might consider a subscription.
Here are several justifications for why subscriptions are beneficial:
1. **Cost Savings**
Subscriptions often offer discounts compared to one-time purchases. A prime example is that streaming services tend to cost less on a monthly basis than purchasing or renting each movie separately.
They also often provide savings compared to other options for the same content. I’ll elaborate below on how Apple News+ saves me at least a few hundred dollars.
2. **Convenience**
You don’t have to remember to purchase something regularly—it simply arrives or renews automatically.
For instance, meal kits, coffee deliveries, or automatic software updates.
I’ve never used an Amazon subscription, but I assume those would fall under this category too.
3. **Access to Premium Content or Services**
Subscriptions often grant access to premium features or curated collections that aren’t accessible otherwise.
This is more common in my business subscriptions, but I have a few personal ones that fit this category as well.
4. **Ongoing Updates and Improvements**
This is primarily seen with software and service subscriptions, which almost always come with regular updates/improvements, keeping them up to date without additional charges.
## Customization and Personalization
Subscription boxes or streaming algorithms frequently customize content to fit your preferences, enhancing your experience.
There are additional benefits as well (like alleviating annoyance—by removing ads, for example), but the aforementioned points are already quite strong.
I’ll detail these reasons and more as I explain why I maintain specific subscriptions.
## The Best Personal Finance Subscriptions
For fun (and because it’s the focus of this site), I asked ChatGPT to compile a list of some of the best personal finance subscriptions. Here’s what it came up with, along with my insights added below each section:
*1. Budgeting & Cash Flow Management*
– **You Need a Budget (YNAB).** Assists users in achieving complete control over their finances by allocating each dollar a specific role.
– **EveryDollar (Ramsey+).** Zero-based budgeting system aligned with Dave Ramsey’s financial strategies.
– **Monarch Money.** A contemporary budgeting application featuring shared household access, goal tracking, and investment transparency.