3 minutes by Erika Nesto
Choosing a subscription management app can be overwhelming and time consuming, especially if you don’t know where to start. The WellPaid team wrote this to give you a little insight into getting started: some of the jargon used, what services you’ll absolutely need no matter what, and how to keep your account in tip-top shape after you’ve gotten started.
The goal is to equip you with enough information to find a subscription management app and combat any surprises along the way. The last thing you want is to find yourself spending time and money just to be back where you started.
WellPaid, in our biased opinion is the best subscription management app. However, we also want to arm you with four useful tips when it comes to choosing a subscription management application!
1. Understand Tech Talk
It may seem like common sense to DYOR (do your own research) when investing in something new, but too many people don’t even know where to start with subscription management and bill-splitting technology. Technology like mobile applications can seem like a big, scary monster so most people put it off… forever.
We’re here to help! We’ve defined the key tech terms you’ll need to know so that you can navigate the conversations around building your dream financial future with a responsive mobile app account, and hopefully avoid any pitfalls along the way.
Subscription Management – The process of overseeing one’s subscription accounts: membership plans, payments, services, etc.
P2P – PEER-TO-PEER computing or networking is an application structure that partitions workloads or tasks between peers.
Digital Finance – The technology of traditional financial services digitally.
Automated Savings – A type of savings plan that involves a fixed amount of funds that are automatically deposited into a savings account at specified intervals.
Automated Bill-Splitting – Typically done by apps, this function allows you to divide the costs of things like a subscription or rent payment between multiple parties automatically, without the added step of “requesting.”
P2P Transfers – Electronic payments made directly from one person to another through an application like Venmo, PayPal, CashApp, or Zelle.
2. Know What Services You Need
There are a few services and systems that every subscription customer needs. We’ve outlined these for you with brief descriptions so that you have a baseline for where to start and what to ask for.
This list covers each service that’s essential for having a successful subscription management and bill-splitting plan, and will give you a great starting point in finding the right app for your financial situation.
Identifying Subscriptions and Bills
Directly connect to existing cards and banks to auto-identify bills and subscriptions.
Tracking Expenses
Show categorized expenses by merchant and allow simple editing that persists to future transactions.
Automated Savings
Lets users automatically transfer a fixed amount or a percent of paychecks to other connected accounts for free.
Canceling or lowering Subscription costs
Offers renewal reminders but has not enabled cancellation features.
Sharing with roommates/friends/couple
Sharing data with roommates/friends enables sharing of individual bills and not fully combining accounts which could be a privacy issue.
Password Management
Allows users to add login, password, and additional information for recurring bills or subscriptions.
3. Maintain Your Account With Best Practices
- Track your spending to improve your finances
- Create a monthly budget
- Pay your bills on time every month (Automation eliminates the hassle and ensures you’re ALWAYS on time!)
- Automate regular transfers for savings or with roommates (with WellPaid!)
- Cut back on recurring charges or subscriptions
- Save up cash to afford big purchases or emergencies
- Review spending and your budget plan periodically
Final Thoughts
With endless mobile applications and finance advice out there we know it’s a lot to sort through. To have great conversations and find the right digital financial services for you, it’s important to know some basics. We hope this article gives you some great tidbits to get started so you can research your options with confidence and know what to look for.
The WellPaid team is honored to be your guide to the digital world! Following these tips could save you BIG in the long run; in time, cash spent, and headaches. Check us out at www.getwellpaid.com.
Stay safe, and keep killing it! We’re here for you, 24/7.
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