Does your Substack Obsession Need A Budget?

Last year, I discovered Substack. I don't remember which one I read first, but of course, reading one led to another and another. At first, I chose the free version. But then, as I started looking forward to the newsletters (or do we call them posts or articles?), I found myself hitting the "Pay" button more and more. And I have to say—they’re a delight to read. They feel different from any other medium: fresh, unique voices, and dare I use marketing speak—a ton of original and compelling content.

However, I recently realized something: I could easily pay for dozens of Substacks without thinking twice. And now, whenever I go to push the buy button, I stop and ask myself: How many Substacks am I paying for now? How much am I actually spending on this? I love Substack, but I don’t want to go overboard.

At the same time, I feel conflicted. I want to support these writers. It feels unfair to read their work without contributing, especially when they’re pouring their energy, creativity, and vulnerability into their writing. These are voices worth supporting.

Then, this morning, while reading yet another fantastic free Substack that I felt I should be paying for, I had an epiphany: Why not stop agonizing over this and just set a budget? As a financial advisor, I help my clients do this all the time—why it took me so long to apply it to myself is beyond me.

Here’s what I believe about budgeting: You can’t have everything, but you can absolutely decide what experiences and things you value most, and then allocate your money accordingly. You purposefully spend on what brings you joy and fulfillment—and cut back on the things that don’t matter as much to you.

For example, I could decide that I’d rather spend my reading dollars on Substacks instead of magazines or newspapers. Or, that I’m willing to skip a couple of coffee shop visits or a new sweater so I can subscribe to more writers I love. You get the idea.

The next step in any budgeting process is tracking your spending—knowing exactly what you’re currently paying and then deciding how much is reasonable.

So, I went to my settings in Substack, clicked on "Subscriptions," and discovered that I subscribe to 72 Substacks! (I had no idea.) Out of those, I’m a paid subscriber to 12. But I didn’t know how much I was actually spending, so I dug deeper and clicked through each one to find the details.

Turns out, I’m spending $909.00 per year. I tend to buy annual subscriptions, and my very first paid Substack was The Quiet Life by Susan Cain, followed by Wordy Bird by Susan Orlean (both of which I highly recommend!).

So, I’m already making a significant investment in Substack. Now, the real question: Do I want to spend more? Is that a prudent decision? And if so, how much more?

Since I’m literally working through this budgeting exercise as I write this, I haven’t settled on an answer yet. But I will decide on a spending cap—one that aligns with my values and trade-offs.

What About You?

If you’ve discovered the joys of Substack, you might be facing a similar dilemma. Have you thought about how much you’re spending? Does it align with what you truly value? I’d love to hear your approach.

I feel great knowing I’ve taken the time to evaluate my spending, ensure it matches my values, and set a conscious limit. Whether I choose to cut back or subscribe to even more, I’ll be doing it with intention. And that is the essence of smart financial decision-making—whether it’s Substack or anything else.