The Obsession with Vendor Names
Today, I did something that ended up saving me a couple of hundred dollars, and it only took me 5 minutes! Here at BudgetEase, we are obsessive about making sure that a Vendor name is on all of our Transactions. This obsession has its perks, as it allows us to quickly determine what we are paying to any one Vendor. One area that can easily spiral out of control is Dues and Subscriptions.
The QuickBooks Revelation
Curious about what I was paying for in the way of Dues and Subscriptions, I quickly ran a report in QuickBooks Online. This report listed all of the Dues and Subscription costs as a line item on our P&L for the last year. I then sorted that report by name. Even though we believe in using technology to make our work efficient, I was surprised to see that we were paying for 19 subscriptions!
The Subscription Purge
I decided to take a closer look at all the Dues and Subscriptions I was paying for. What I found was quite interesting. For instance, I was paying for a meditation program that initially dramatically improved my productivity, but I hadn't used it in six months. So, I quickly canceled that. I also found that I was paying for a program that helped me with my To-Do List, which I hadn't used in months. That one got the axe too.
The Takeaway
In just 5 minutes, I managed to save a couple of hundred dollars by simply reviewing and canceling unused subscriptions. It's amazing how small, seemingly insignificant expenses can add up over time. So, if you're looking to save some money, take a few minutes to review your subscriptions. You might be surprised at what you find!
Final Thoughts
Being diligent about tracking expenses and regularly reviewing them can lead to significant savings. Plus, it feels pretty good to declutter your financial commitments. Who knew that a little bit of financial housekeeping could be so rewarding? Putting your information in QuickBooks correctly can have a huge payoff in the long run on your bottom line. If you need help getting your QuickBooks to work for you, contact us today, we are here to help!
