For my own personal business, I have several tools that I use OFTEN when I have work. Tools like Canva Pro, Social Curator, Elementor Pro and so on and so forth. I’ve had them for YEARS and they have paid for themself every year, up until now.
Here’s my dilemma.
This past week as I was working on my current bill pay schedule ie budget for the next month, I decided I would just cancel Canva as I haven’t used it at all this year and frankly, finding has been harder than it’s ever been. My thought was I can cancel my annual subscription (currently $119) and renew later when I have work.
I logged on to do just that and take that $119 back into my every day budget. And then I realized that if I cancel, yes, it will save me $119 now, but re-upping will put my rate at $145 annually (or higher if they go up in price.)
I’ve got pretty decent and in some cases, substantially good annual rates because I’ve had these tools so long and have the rates locked in. While Canva is just a $25 difference, some of them are hundreds per year in savings. And yes, that’s per tool.
What do I do?
Canva is the only one that will renew in the next month so I have to make a decision on it. The big ones all renew in the December/January time frame so I do have some time to turn things around. But I hate to lose that savings. Ugh.
I’m kind of inclined to let Canva go, it is just a $25 difference and I can use the free version in a crunch. But the others…not so easily replaceable and the savings loss would be significant if I cancelled and then renewed.
Sidenote: there are other subscriptions that I have;
1) Transitioned from annual to monthly for the time being. This helps with my monthly budgeting even though I am paying a premium. I will go back to annual as soon as I am able.
2) Cancelled – these are mostly entertainment subscriptions. But I didn’t think twice about them.
3) Am looking to replace. I changed my Dropbox subscription to monthly versus annual and am considering other options to replace it for the long run. Google One, Apple Storage, etc. are both being evaluated. I want to make sure they offer the security and integrate well with my current tech stack, in addition to the pricing before I make a move.
I’d love to know your thoughts, specifically on subscriptions where I would love significant savings if I end up cancelling them and then needing to re-subscribe down the road.
Hope is a digital marketing manager and foster/adoptive single mom to five kids. She has run her own consulting company for over 15 years and took a leap of faith returning to the corporate world in 2021 to a job and team she loves! Hope began sharing her journey with the BAD community in the Spring of 2015 and feels like she has finally mastered the balance between family first and wise financial decisions.