How much are your apps costing you?
Published: May 11, 2016 | Updated: February 7, 2020 | Posted by: Bea Bongat | Lifestyle
There’s no denying the many advantages of phone applications. From online shopping and banking to whiling the time away with games, streaming, music, and e-books, phone applications are here to stay. If you leave someone with his or her phone, there’s no doubt he and she can spend a whole day using and playing with various apps. A photo-editing app here and movie-streaming app there, and there’s no idle time.
With the many benefits of apps, they have some disadvantages as well. Aside from the loss of personal communication among friends and family, there’s also the hidden cost of paid apps or in-app purchases. A Php 130 monthly subscription doesn’t add up to much; a Php 100 one-time payment game is even better; however, you’ve heard it before – the little things add up, so really, how much are your apps costing you?
How much is it costing me?
Below is an estimate of how much monthly subscriptions and in-app purchases cost. Individually, their costs are negligible, but add them up, then you might be spending more than you realize. Here is a breakdown of how much commonly availed subscriptions and apps cost:
Streaming music Php 130 (monthly)
Renting a movie: Php 180 (per movie) (It’s Php 650 if you buy it)
Channel subscription: Php 200 (monthly)
Games: Php 45 – Php 400 (depending on the game)
International call services = Php 650 (monthly)
Monthly total: Php 1,260 (Php 130 + Php 180 + Php 200 + Php 100 + Php 650)
(Yearly total: Php 15,120)
Php 1,260 a month doesn’t seem so much, but that doesn’t take into account other subscriptions you have. Instead of renting a movie, you are buying. Instead of sticking to playing one game a month, you are playing two, three, or more games. With Php 1,260, that could pay for your phone, electricity, or water bills, and if you have those covered, you could put the Php 1,260 or at least half into a savings account, and you could save Php 7,560 a year or Php 15,120 if you save the entire Php 1,260 a month.
Does this mean you have to cancel all your subscriptions and stop your in-app purchases?
Should I cancel all my apps?
Not really. It’s a different story if you’re taking out debt and personal loans to cover your expenses because you’ve finished your salary. If you’re in that situation, then you must cancel your subscriptions and stop your app purchases to get back on your feet; however, if you have a little wiggle room at the end of every month, then it’s not the end of the world. As mentioned earlier, phone apps, when used properly and diligently, can be beneficial. They’re advantageous when:
You use it to connect
With the internet, communication is made easier with the numerous apps available to connect with friends and family. There’s no need to spend Php 20 a day for unlimited texting when you can use messaging services such as Whatsapp and Viber for free. Especially with long-distance communication, Skype and Facetime allow you to video call loved ones thousands of miles away. When it comes to creating and nurturing relationships, you can’t put a price tag on that. It’s even better if the apps you use are free.
It’s your one ‘prioritized vice’
In the sphere of personal finance, it’s important to find a balance. Living like a miser is no way to live life, so to keep your money habits in place without going crazy, it’s important to spend on your ‘wants’ or your ‘prioritized vice’ from time to time provided you stick to your budget. If you’re not a foodie, but you love shopping, then online shopping using your phone can be your treat to yourself if you have extra money to spend. In the same way, if you’re not much of a shopper but are a gamer, where’s the harm in spending Php 500 a month for game that will make you happy? The key here is to stick within your budget and only pick one hobby or ‘prioritized vice’ (e.g. shopping vs gaming). You can have anything, but you can’t have everything.
It earns or saves you more than you spend
Co-working spaces or working remotely is gaining more and more popularity. There’s no need for all employees to work in the same office space because it’s easier to connect through many apps offering phone call, video call, and task management services. There’s no need for coffee meetings or working lunches if you can set up a video conference. If you have clients from various countries, call and video applications allow you to connect with people from various parts of the globe without having to leave your home or office. If the apps is beneficial to your business or your work, then spending Php 650 a month is loose change compared to the revenues you can generate.
As with anything, phone applications have both advantages and disadvantages. What’s important is you know the value of these apps, and from their value decide whether it’s okay to spend or you must forego them. You can see from the math above that the little things do add up. Php 1,260 a month may not seem so much, but you can put that money to good use, or at least part of it. If you can limit the number of subscriptions you have and save a part of your expenses, then it’s a win-win situation for you. You’re enjoying and saving at the same time.