It is a common myth that financial planning is meant for those who are well-settled in their careers. In reality, planning the finances is perhaps even more important for students or freshers at the beginning of their careers. Admittedly, the rigours of student life or early working life, with limited finances as well as spare time, usually results in financial planning being relegated to the background.

Nonetheless, the magnitude of the student loan crisis in the USA- bigger than the GDP of Australia- suggests that there are millions of students out there who will begin their careers with a crushing debt burden. Under the circumstances, financial planning is not just essential, it is indispensable. Naturally, controlling expenses is an essential part of that plan. One oft neglected component of overall expenditure is on subscriptions. Fortunately, TrackMySubs- a pioneer in this field- is at hand to help you manage your subscriptions.

Founded by Australian entrepreneur Gabe Alves, TrackMySubs empowers subscribers to keep a tab on their active subscriptions, due dates for renewal and total expenditure using the combination of an easy to understand interface and an automated alert system. In addition, it offers slab-wise payment plans, based on the number of subscriptions, thereby ensuring affordability. 

If an app to manage your subscriptions sounds trivial, the facts suggest otherwise. Knowingly or unknowingly, we use several subscriptions every single day. For instance, an average individual would typically be using an office suite like MS office, anti- malware programmes, access to e-commerce portals, news websites, research portals (especially in the case of students), video sharing (Netflix, Prime Videos), etc on a periodic subscription basis. Given the fact that there could be multiple subscriptions under the same category, that’s a substantial number to keep track of.

Imagine you take a subscription for six months on a trial basis, which usually requires entering your bank or credit credit card details. At the end of the subscription period you forget about the expiry of the trail and suddenly you find that a huge amount has been debited to your bank balance. It’s a common enough occurrence that has happened to most of us at some point in time. It was a similar experience that motivated TrackMySubs founder Gabe Alves to develop the app.

Statistically, the average TrackMySubs user has no less than 13.6 subscriptions- nearly double the number of items the human mind can process at one time- which goes to show how easily one can lost sight of existing subscriptions. The monthly subscriptions (6.5 per user at an average cost of AUD 94.14 each) cost over AUD 600 per month- a significant amount for a student or a fresher at the beginning of his or her career.

With the global subscription economy growing at an estimated 15.1 percent per annum, there is no doubt that the number of subscriptions and the related expenditure is only going to increase over time. An app to manage that expenditure is surely going to grow in importance in the years to follow.

 

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