Subscriptions are simple enough: you pay for a service and proceed to get your money’s worth by enjoying premium features. However, the reality is different because you don’t always use those services as you should. In truth, around 30% of these subscriptions go unused every month, creating a hole in your budget. If you have too many subscriptions but don’t where to start, this guide will help you save some money.
- List Your Subscriptions
Sometimes, you may be paying for a subscription you didn’t know was there. It happens more than you may think, as 42% of people still pay for services/apps they forgot about over time. Start by checking your bank and credit card statements, and see which services pull money from your account. If it’s not very clear, check your smartphone store subscriptions to see what apps you are paying for. You can also use your email to look for keywords such as “subscription.”
- Categorize the Subscriptions
Once you have the subscription list in front of you, it’s time to categorize the services into what you actively use, what you rarely use, and what you never use. Think about how many times you used the service in the past month. Do you use it enough to justify its cost? Does it have a cheaper plan? Will you likely use it again in the future? If the answer is “no,” then cutting back could help you save money.
- Adjust Subscription Frequency
Sometimes, you may not need to cancel it forever. Let’s say it’s a product you only use every few months but find useful when the time comes. Some subscriptions allow you to pause the subscription or perhaps adjust the frequency according to your needs. If the program has a free version, you could use that one in the meantime. This could help you save money in the long run, preventing an overload.
- Cancel Unnecessary Subscriptions
Now it’s time to cancel the subscriptions you’re sure you no longer need. In most cases, this is done by going to your “Subscriptions” or billing page and hitting cancel. Check to see if you can get a refund for what you paid, especially if you cancel it mid-cycle. Don’t fall for their retention tricks; some services can offer you discounts to get you to stay, and you’ll be back in that cycle.
- Keep Track of Your Remaining Subscriptions
Now that you’ve cleaned up through your subscriptions, you should keep track of the remaining ones. A good idea would be to audit your subscriptions every 3 months or so, canceling the ones you aren’t using. If you’re set for a free trial, set an alarm for one or two days before the renewal so that you may cancel. If you tend to forget, perhaps a good idea would be to use virtual temporary cards for the first payment.
The Bottom Line
The right subscription can make life a bit more convenient, but only if you use it. If you don’t use it enough to justify the monthly cost, perhaps it would be better to cancel. Check out your subscription list and free up your budget by only keeping the services you love!
