Scrap Some Subscription Services and Save
Let’s be honest – we love our subscription services! Whether you use them to help plan your weekly meals, find great deals on flights, listen to audiobooks, or have access to thousands of movies and TV shows – subscriptions make our lives easier and more enjoyable. But are you really getting your money’s worth out of them all?
A recent survey shows that the average consumer spends $273 each month on subscription services, and 98% of the study respondents significantly underestimated their monthly subscription spending! Here’s a quick rundown on how to manage your monthly subscriptions and find great savings where you can:
Do the math – make a list of all your subscriptions and calculate how much they cost you per month. If there’s one or two that you’re not really using – like that yoga app you impulse-purchased on January 1 but have never opened – canceling those unused subscriptions can mean saving some serious dough over the course of a year!
Double-check your phone – you may have paid app subscriptions you forgot about. These don’t always show up on your credit card statements the same way other services do, so they’re easy to overlook. Follow these tutorials from the Apple App and Google Play stores to check for and cancel unwanted subscriptions. It’s a good idea to check your kids’ phones too, especially if their phones are set up with your credit or debit card!
Beware the “free trial” – companies make it easy to sign up for subscriptions with enticing offers touting “first month free” and similar sweet-sounding promotions. Subscriptions services know we forget to cancel after that first 30 days – and they often don’t remind you. Scan your emails for subscription confirmations on services you no longer want, and look for info on how to cancel them.
Read the fine print – you may have thought you signed up for a free subscription, only to discover there are hidden costs in the contract and disclosures. Check your debit and credit card statements for subscription charges you unwittingly authorized, and cancel to avoid incurring further charges. In some cases, you may be able to refute the charges and get your money back from the seller.
Check with your credit union for deals – if you’re looking to start a new subscription or membership but you’re worried it might break the bank, check out our Love My Credit Union Rewards for exclusive discounts on things like home protection, mobile phone service, club memberships, and more! Visit our website to learn more about Love My Credit Union Rewards for Cutting Edge members.