Consumers can't seem to get enough of subscription services. In the past decade, the subscription economy has swelled by more than 435% and is projected to reach a market value size of $1.5 trillion by 2025. Americans have stacked up a hefty list of subscriptions, with some now spending anywhere from $77 to $133 per month on subscription services.
By this calculation, many Americans are spending well over $1,000 annually on a myriad of subscriptions, with around 42% of consumers paying for subscription services they don't use anymore or have simply forgotten about.
Companies from all sorts of industries have developed and deployed a direct-to-consumer subscription service that enables them to tap another source of revenue. Subscription options are endless, ranging from food and drink, fitness, books, clothing, and even things like hot sauce, imported pineapples, and snacks for your pets.
Unsurprisingly, content streaming services, such as on-demand video streaming, remain among the most popular subscription services consumers are paying for. In fact, around 75% of respondents in a recent survey use platforms such as Amazon Prime, Disney+, Hulu, and Netflix.
However, keeping track of everything has become a full-time job, and increasingly expensive. Around 2 out of 5 people now experience subscription fatigue, which is often the cause of having to juggle multiple subscription accounts, profiles and keeping tabs on when a service should be renewed.
Before you think of paying for another subscription, consider the following as a way to help you decide which subscription service is best suited for you during your 20s.
Financial Planning & Management
Financial management is one of the most important skills any person should learn early on in life. Setting up a budget, creating a savings plan, keeping track of your spending, and paying off debt can help you become more financially confident. Despite having access to a plethora of financial planning tools, Gen Zs are considered to be the least financially confident generation.
Building financial confidence takes time and requires you to invest time and money in the tools that will help you reach your goals. There are a handful of subscription-based services that can expose you to various financial and investment tools.
Take for instance, YNAB and Goodbudget, two internet-based financial services platforms that help you create personalized budgets, learn how to keep track of your expenses, and teach you how to set up realistic financial goals. Having financial confidence is priceless, and being in a position where you can have self-reliance with your money will pay you never-ending dividends.
Online Learning
Investing in learning new skills shouldn't only include things such as working with your money or knowing how to set up a budget. Instead, investing in yourself should take priority above other things, and looking at leveraging subscription-based learning platforms can help you sharpen up your skills or learn new things.
Many young people often feel that the training and education they have received at college or university weren't adequate to help them overcome some of their career's biggest challenges. Despite many companies investing in employee learning programs, these often lack the substance that many young people are looking for when trying to upskill themselves.
Platforms such as Udemy, Coursera, and LinkedIn Learning are among the few that offer plenty of new learning opportunities for people at any stage in their careers. While it's important to recognize new learning opportunities, it's just as important to be clear about your learning goals and what you want to achieve with learning these new skills.
Health & Wellness
There are countless health and wellness subscription services to choose from, and knowing which one is the right fit for you will largely depend on your needs. Before becoming a paying subscriber, try to test out each of the services that you are interested in. Many subscription services now offer a trial period, which will allow you to test-run different features of the service for free.
For the best possible results, try and look for a subscription that aligns with your health and wellness goals. The trick is to be honest with yourself and what you want. Do you want to learn to become a better runner? Try FunRunBox. Looking for a flexible way to overcome emotional challenges? Try Headspace. Want to eat better? Try HelloFresh or Blue Apron.
Again, there are a lot of options to choose from, and it's best to read a couple of reviews before trying something new. Make sure that you opt for something that meets your needs and shares in your journey to becoming a better version of yourself.
Productivity Tools
Instead of keeping track of various schedules and calendars or missing important events because you never got around to reading that one important email, take a step back from the chaos and look at what needs to be done to improve your day-to-day productivity.
Do you need a tool that will help you organize your calendars all in one place or are you looking for a platform that will help improve your workflow? There are so many productivity software tools available, and many of them are available in an app format, allowing you to organize your life wherever you may be heading.
Before you decide to pay for one of these services, have a look around at which of these tools may be available to you for free or through your employer. There are plenty of software tools that are aimed at helping you become more productive, choosing the right one largely depends on how you look at balancing your personal and professional life.
Investment Services
We've come full circle. Investing from a young age can help you build financial security for when you are older, but not many of us are confident enough to start investing, especially if we're not 100% sure what our options are and what type of investments will best benefit us in the long-term.
One of the best ways to learn more about investing is to sign up for an investing network or newsletter. You might think that this will become another thing that will fill up your junk mailbox, but if you're serious about investing and learning how to build a portfolio, you will make an effort to devote time to the cause.
Aside from an investing newsletter, look for investing platforms that can provide you with the services you feel you need right now to build your investment portfolio. Start small, and take your time as you begin to learn the ropes. Remember that investing is all about being patient, and allowing your money to grow. There is no right age to start investing, and many seasoned investors believe that the sooner you start, the better.
The Bottom Line
With the amount of choices that are out there, it can be hard to know which subscription service is the right one for you. Signing up for a new subscription should remove obstacles in your day-to-day life, help you learn new skills, and provide you with the insights to make more informed decisions.
Whether it's taking control of your finances or learning a skill that will help you advance your career, make use of the services that will meet your needs, but most importantly, deliver a goal-oriented return on the things that you value important in your life.
