Canceling unused subscriptions is one of the easiest ways to save money each month. Start by auditing all your active subscriptions, sorting them by need vs. want, and eliminating the ones you no longer use. This simple strategy can reduce wasteful spending and give your budget more breathing room.
In this guide, you’ll learn how to identify and cancel unused subscriptions, track recurring charges, and take control of your monthly budget.
At first glance, you might think you don’t have that many subscriptions, but we often have more subscriptions than we think. On average, Americans spend over $1,000 on subscriptions each year. Typically, $200 goes to unused subscriptions. Since subscriptions costs can stack up over time without you even realizing, it’s essential that you know exactly where your money is going each month.
1. Gather Information About Each Subscription.
Knowing the basic details of which subscriptions you have and how you’ve been paying for them is essential. Make a checklist with the following:
If you’re a visual learner, here is an excel sheet where you can track your expenses.
2. Ask yourself: “How many times have I used this subscription service this month?”
Where you spend your time reveals a lot about what truly matters to you. After looking at your list of current subscriptions, you might be surprised by what you find…
The gaming service you haven’t logged into in a year.
The Spotify account that’s been abandoned since you’ve only been listening to Apple Music.
The forgotten gym membership that’s been rolling over for two years and gone unused.
If you’ve found yourself in any of these scenarios with your subscriptions, it’s probably a clear sign that it’s time to cancel. How much time you do (or don’t) dedicate to a subscription is key to knowing what to cut out of your budget and how to re-evaluate your financial situation.
Pro Tip: If you aren’t using a subscription at least biweekly, it’s likely time to cancel.
3. Decide which subscriptions matter the most to you.
Here’s the thing: there’s always going to be other options for TV shows and movies you’ll want to watch, unique diets to begin, and new fitness classes to join, but you need to be honest with yourself with the likelihood of when or if you’re even going to use them.
Is there a favorite TV show you love to watch all the time, but it’s only on Netflix? Looking at your subscriptions, you might have three other streaming services that you don’t use like Peacock or Hulu.
There’s nothing wrong with sticking with a subscription if it’s something you genuinely love to use, like a gym membership or Netflix for that favorite TV show. You might not be able to watch it every day, but if it’s something you’re using a few times a week or every other week, then it’s likely fine to keep it in your cycle.
Subscriptions can be sneaky because of how little their cost can seem month to month. You might be thinking, “Wow! I can access all these services for these books for only $5.00 per month? That’s great!”
While those costs may not seem significant in your monthly budget, they can build up quickly over time if you aren’t paying attention.
Some of these sneaky costs could be:
Once you decide which subscriptions you want to keep, be sure to stay up to date with how you are going to continue to pay for them in the future and do regular check-ins to see if you continue to use them. Be sure to adjust your budget accordingly to take out the ones you want to cancel and strategize how you’re going to put that money elsewhere.
It can be easy for more subscriptions to sneak up on you over time, so being diligent with how you track your subscriptions is key. Here are some tips for how to track your subscriptions and save money:
1. Set up alerts on your phone.
One of the best ways to stay on top of your budget is to look for these subscriptions by setting notifications on your phone that can help you track any charges that come through on your account.
2. Put your subscriptions in one place.
There are a variety of apps you can use to track your spending on subscriptions by notifying you of recurring charges. Some of these include:
3. Create a spreadsheet.
If you are a visual learner, creating a spreadsheet might be a good strategy for you. It can be a simple Excel or Google Sheet where you can visually see all your subscriptions with their costs, card on file, and other information related to that service.
You can also set up dates to know the exact date and time you paid them. This can be a good record to have and revisit if you want to re-consider whether or not you want to renew or cancel that subscription.
Pro-Tip: Be on the lookout for any price increases, especially for renewals.
How do I cancel my subscriptions?
If you aren’t sure which to cancel, conduct a subscription audit to see each service you are using, how long you have been paying for it, and how often you use it per month. It’s often a clear sign that it’s time to cancel when you haven’t used the subscription at least every other week or less than once a month.
How do I know which subscriptions to cancel or keep?
It can be tricky deciding which subscription to keep or cancel if you use a little of all of them. Narrowing down which ones are important to you is key. Think of all the other things you could be doing with that money, for things you want to do, like saving for a weekend getaway, giving to your local charity, or paying off debt.
How do I track my subscriptions?
We all have busy schedules and can feel scattered when it comes to our finances, and tracking re-occurring expenses every month can be a struggle. That’s why setting up reminders through a financial app or notifications on your phone is a great way to ensure you are being kept in the loop about charges to your account and what subscriptions you currently have.
Small recurring charges can silently erode your budget. But with a few smart steps—like auditing your subscriptions, canceling what you don’t use, and tracking what remains—you can take back control of your finances.
Learn how you can improve your finances by accessing our smart budgeting toolkit.
If you enjoyed this article, be sure to check out "How to Lower Expenses and Spend Less Money."
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