Don’t Forget to Pause Your Memberships
Just because you’re not using them doesn’t mean they’re not charging you.
As the COVID-19 pandemic hit hard in March, many businesses that operate on a membership basis like gyms, classes, and clubs had to close down. Even as some of these places are beginning to reopen, it’s still advisable to stay home unless necessary. While we’re not here to discuss your health, it’s important to address the issue of ongoing membership fees.
Initially, several membership-based businesses paused their fees once the pandemic situation became clear, understanding that their services were not being utilized. However, there are some exceptions – a few businesses, whether intentionally or unintentionally, continued charging membership fees. The danger with recurring charges is that they can slip under the radar and go unnoticed if not regularly reviewed. Without meticulous scrutiny of your finances, you may still be paying for services you’re not using.
Regardless of your financial situation, it does not make sense to pay for a service that you are not benefitting from. It is advisable to review your recent bank statements to identify any recurring charges. If you spot services that have been inactive, get in touch with the service providers to pause your membership until you resume using them. Saving this money during uncertain times is a wise decision. If it amounts to a significant sum, consider reinvesting it in a high-yield savings account for future security. Every saved dollar may prove valuable in challenging circumstances.
