DMP Monthly Tips, Resources, and Reminders

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Pumpkin Spice Lattes, apple picking with the kiddos, and of course football (E-A-G-L-E-S Eagles!!! 🦅)...my favorite season is upon us!

As the weather gets cooler you'll probably find yourself indoors more hanging out on the couch watching TV, shopping online, and getting food delivered. But all that leisure and convenience comes at a cost, one we sometimes forget we're paying monthly. Which brings me to this month's tip...

Check your subscriptions and cancel what you don't use

Streaming, shopping, meal delivery; the options for subscription services are never ending. And so are the fees!

According to a recent survey 42% of Americans pay for subscriptions they don't even use. A lot of times we sign up for the free trial and then forget to cancel before the trial period ends. Then we unknowingly pay for a few months of the service before we even realize we never canceled. How many times has that happened to you?

And it's not just in our personal lives either. If you run a business you know there are countless subscriptions for apps, or coaching memberships, or professional organizations that we may be enticed to sign up for and then never use.

My tip for keeping those subscription fees in check:

Review your expenses at least once a month

See where your money is going. This can be done with a simple spreadsheet or a budgeting app.

Having a budget or some other organized way to see where your money is going (and actually checking it regularly) makes it less likely for you to waste money on subscriptions you've forgotten about.

If you have a business, make sure you (or your accountant) are staying on top of your monthly bookkeeping so you know where your money is being spent.

Another tip:

If you sign up for a free trial of a subscription service you don't plan on keeping, set a reminder on your phone to cancel the subscription before the trial period ends.

I know budgeting and keeping track of expenses may seem like a headache, but the money you'll save by canceling those unused subscriptions is well worth it.

If you need a simple template to help you keep track of your expenses and start budgeting, here's a simple Google Sheet Monthly Budget Template.

If you're looking for a free alternative to help keep track of your business expenses give the Wave app a try.

And just in time for Fall, the IRS is increasing the interest rate it charges on unpaid taxes from 7% to 8% per year, compounded daily. The increase takes effect October 1, 2023.

If you have unpaid taxes, try to pay off the balance as quickly as possible to avoid the increased interest expense. You can make a payment towards your balance here.

If you're on a payment plan with the IRS, you can always make additional payments here, or increase the amount of your monthly payments here.

I hope you enjoyed this month's tip, resource, and reminder to help you on your journey of achieving your personal and business financial goals.

If you need assistance with keeping track of your expenses or handling overdue tax balances feel free to schedule a call with me to see how we can help.

If you found anything in this email beneficial hit reply and let me know, and please forward it to others so they may benefit too!

If there's a topic you would like me to address in a future email hit reply and tell me about it. I would love to hear from you!

Until next month,

Devin

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