We've all been there. That latest workout app, or financial planning app seems like a really great idea so you sign up for it, use it twice and continue paying for it, but forget to use it. In the article below we explain how this happens and how to make better choices going forward when it comes to subscriptions.
There is not a single person on Earth who isn’t guilty of subscribing to an app, gym membership, or even a “free” trial, using it a few times and then forgetting about it. The problem is you probably end up signing up for more stuff while continuing to pay for things you aren’t using and it can add up.
A study by West Monroe found on average Americans spend $237 per month on auto pay subscriptions-many of which are forgotten and unused. For those of you keeping track at home that ends up being around $2,844 per year. What could you do with that extra money you are throwing away?
If you’re ready to take control of your auto subscriptions and cut things out you are no longer using but still paying for there are a few things you can do. Let's be real for a second here before we jump in. Companies don’t make it easy to keep track of these things and it’s going to take some diligence on your part moving forward to be mindful of what you sign up for.
The simplest way to take inventory of your auto subscriptions is to go through your charges on your debit and credit cards. Make a list of recurring charges and what they are for. Next, you’re going to want to ask yourself if it is something you use regularly, or something you can purge to save money? If you don’t recognize them or don’t use them, get rid of them. To stay on top of what you spend for subscriptions make a calendar reminder for every month to check on what you’ve signed up for and if you are still using it.
Another option to help you stay on top of your subscriptions is to check your phone settings for apps you may be paying for, but aren’t using. You can also get an app like TrueBill, Bobby, Subscro, etc. to help you keep track of your subscriptions, but it comes at a price…most of them are subscriptions themselves.
In short, it’s best that you figure out a system on your own to keep track of what you are spending monthly for subscriptions and stay on top of what you do and don’t use. Sometimes the old fashioned way is still the best way, even if it requires a little more work on your part.