How to Save by Canceling Subscriptions You Forgot About

Forgotten subscriptions can cost you hundreds of dollars each year without you even realizing it. According to CNET, consumers spend nearly $200 annually on unused subscriptions.

If you have just three unused subscriptions costing $10 a month, that’s $360 a year wasted. That money would be better spent paying down debt or building your emergency fund instead.

These simple steps can help you track down subscriptions you signed up for and then forgot about.

Check your bank and credit card statements

One of the most reliable ways to find every subscription is to look at where your money is going. Pull up your credit card and bank statements from the last 12 months. Scan through them line by line and look for recurring charges.

Use subscription tracking apps

If combing through your bank and credit card statements sounds tedious, technology can help. Several apps are designed specifically to scan your transaction history and identify recurring bills. They can give you a quick snapshot of everything you’re paying for automatically.

Search your email for subscription keywords

Go to your email inbox and search for terms like “welcome,” “subscription,” “receipt,” “trial,” or “renewal.” This can help you uncover services you signed up for using third-party payment services like PayPal that might not be immediately obvious on your main account statement.

Once you’ve gathered all your recurring charges, it’s time to organize them. Make a list of everything you currently pay for, including:

• TV and movie streaming services
• Music streaming services
• Audiobook subscriptions
• Fitness subscriptions
• Health and beauty subscriptions
• Pet-related services, such as BarkBox
• Streaming or subscription services for your kids, if you have them
• Magazines and newspapers

Having everything in one place makes it much easier to see the full picture of your monthly spending on subscriptions.

Once you’ve got your subscription inventory, ask yourself how often you really use each one. If the answer is not that often, move it to your cancel list!

Here are three ways to evaluate which subscriptions to cancel:

• Test your login: Try signing into your account. If you can’t remember your password – or get a message that it’s time to update it – that may be a sign you’re not using it enough to keep it.
• Check for overlap: Look for streaming services that offer the same shows and movies. You can keep one and cancel the duplicates.
• Consider bundled benefits: Some subscriptions include extra perks. Amazon Prime, for example, offers both streaming and free shipping. If you use both features, the subscription might be worth keeping.

Once you know what to cancel, you have two options:

• Cancel subscriptions manually
• Let an app cancel them for you

Cancel subscriptions manually

Canceling subscriptions manually usually means logging into your online account. If you can’t find the right option on the website, you may have to call or email the service provider to request termination of your account.

Keep these things in mind when you cancel:

• Note your expiration date: You can usually keep using the service until your current billing period ends, even after you cancel.
• Watch your statements: Check your bank account for the next month or two to confirm you’re not being charged.

Use an app to cancel subscriptions for you

Here’s how subscription management apps work:

• Link the app to your bank account and credit card accounts
• The app scans your transactions to identify recurring subscription charges
• You choose which subscriptions to cancel and some apps can handle it for you

So which apps are the best for saving money on subscriptions? Here’s a quick comparison:

Rocket Money

Along with helping you find and track subscriptions, Rocket Money can cancel services on your behalf. This app tracks your spending across your linked accounts, such as checking, savings, credit cards, and investment accounts, and will send you alerts when your balance dips too low. You’ll need to sign up for Rocket Money’s premium plan to access its subscription cancellation assistant tool.

Hiatus

Hiatus focuses on finding and canceling subscriptions you may have forgotten about. After you connect your accounts, the app will flag your recurring charges and show you how much you’re spending on subscriptions each month. The Hiatus team can also negotiate bills on your behalf to find savings.

Trim

Trim helps you “trim” your monthly expenses by tracking your spending and monitoring your subscriptions. When you connect it to your bank account, you’ll see at a glance which categories you spend the most in and which subscription services you’re paying for.

Billshark

Billshark can negotiate lower rates on services like TV subscriptions and internet service. The app reports a 90% success rate in finding savings for its customers.

TrackMySubs

TrackMySubs lets you add your subscription services and keep track of them in one place. The app’s standout feature is keeping tabs on free trials – it sends you a reminder when a subscription is about to renew so you have time to cancel.

Once you’ve cleaned up your subscriptions, here’s how to stay on top of them:

• Ask before you sign up: Subscriptions are a common convenience-based financial trap, so think about whether you’ll really use the service long-term before subscribing.
• Set calendar reminders: If you sign up for a free trial, set a reminder in your calendar a few days before it renews so you can cancel if needed.
• Review monthly: Track your expenses once a month to catch any new recurring charges early.

Canceling unused subscriptions can free up hundreds of dollars each year – money you can put toward building your savings account, paying down debt, or working toward other financial goals. Take back control of your spending by checking your bank and credit card statements this week to see what you’re really paying for. If you’re no longer using the subscriptions, cancel them right away to plug the leaks in your spending.