In this article, ZOE SLATER, Mental & Emotional Mindset Coach and Counsellor, and CEO of Freedom Choice Academy reminds us to remember to check your memberships, turning that forgotten expense – money stress, to money success.
Silver Fish are like forgotten memberships, they tend to put holes in your favourite things. Holes in your jacket and holes in your money savings.
I found ‘Silver Fish’ during COVID-19 when I re-evaluated my memberships
Cancelling my memberships during COVID-19 made me curious about memberships in general.
I trawled the internet and that is when I came across many articles including Australia, about how many BILLIONS of dollars are wasted on gym memberships not utilised. According to Finder, wasted fees add up to a mind blowing $1.8 billion dollars.
My mind started to boggle about how many different memberships people could be paying for and not utilising.
Under utilised or completely unused memberships eat a hole into money, savings and dreams, they are just like the forgotten ‘Silver Fish’ lurking in your wardrobe, nibbling away your favourite dream outfit.
COVID-19 Membership Awareness
This experience and awareness made me question how many other memberships do I or my family have that we are paying for, but are not using – these are ‘Silver Fish’ left unchecked.
As a family we sat down and discussed the purpose of memberships and why we have them.
- A membership delivers a service or product promised as per agreement. Regardless if paid or unpaid.
- Why have one, was the bigger conversation.
For example, let’s consider Stan or Netflix. Why do you want to be a member or subscribe to them?
THE WHY: The desire for pleasurable emotions and experiences for now and in the future.
- It’s a FEELGOOD service that uplifts you or helps you escape.
- You’re inspired to allocate TIME to feel good e.g. favourite shows daily or several times a week.
- It’s EASILY ACCESSIBLE.
- It’s EASY to UTILISE.
- Group BONDING with friends and colleagues who watch the same programme.
- It potentially elevates your STATUS or entry into a group.
- Overall return on investment ‘ROI’ is high.
You now rely on Stan or Netflix to deliver the regular feel-good emotions or experiences.
I am sure that if they fail to deliver the FEEL-GOOD service, the pain of not having it would cause you to complain or cancel your membership.
I’m also sure you would find another service to deliver at least five of the seven WHY’s behind the service or product.
The point being, that if you are benefiting frequently from a given membership, you may even consider it essential.
Let’s find the forgotten ‘Silver Fish’ that you’re NOT benefiting from:
These are the membership that are hidden from sight and are quietly putting holes in your money savings.
Do a ‘Silver Fish’ membership inventory and extermination by looking through your…
- Credit Card statements
- Bank statements
- Automatic payments
- Let’s give them a COVID-19 grading, essential or not essential.
- Confirm 5 of the 7 Why’s are ticked for the membership to continue.
How many Memberships do you have?
- How many are fee related?
- How many do you have time to engage in?
- Do these memberships add value to your life, must have 5 out of 7 ticks?
- Which ones are NOT essential that you will cancel, unsubscribe exterminate?
- How much money have the Silver Fish eaten?
- How much money will you save?
My essential Membership example:
Physical health is essential, exercise is essential, it ticks 6 of the 7 Why’s for me.
COVID-19 Special Offer – If you want to know more reach out to me.
For a limited time, I am offering the first FIVE (5) Home Loan Connexion blog readers an opportunity to work with me for free.
YES, in these times of stress and uncertainty, I’m offering you a FREE 45 minute strategy call with me.
During the session, we will talk about…
• Your biggest challenge right now
• I will help you solve it and…
• We will set out a step by step plan as to how you can reach your end goal without being overwhelmed and frustrated.
MAKE A PACT TO ACT – practice the art of having money success and I assure you; your life will start heading in the right direction. Keep those questions coming
Until next month – Turn Your Money Stress into Money Success.
Keep those questions coming.
Zoe Slater Counselling and CEO Freedom Choice Academy. Zoe is an Associate Member with the QCA Inc and a member with Australian Counsellors Association.