Use a 4-step chart to decide which subscriptions you should cancel to save money

If you're looking to save a little extra cash, a common recommendation is to cancel your subscriptions.

But what if you actually want them?

The chart below, created by I Will Teach You To Be Rich for Ramit Sethi's "Save $1,000 in 1 Week" challenge, walks you through just four questions to decide whether a subscription should stay or go.

For each subscription you have, from Netflix to newspapers to gym memberships, keep reading until you hit a red "cancel" button. If you get the green light for all four questions, keep it. If you don't, it's time to cut it off.

SEE ALSO: 13 tips to save up to $1,000 in 30 days or less

Join the conversation about this story »

NOW WATCH: JAMES ALTUCHER: Why investing in a 401(k) is a complete waste of money