3 Sneaky subscription fees to cancel right now
These days, we pay premiums for everything from our favorite music streaming services and food delivery apps to media platforms and Gym Jewerhips. And there’s a good chance those services eat into your budget.
Take video streaming services. Subscribers spend an average of $69 per month on these traffickers, up just 13% from last year, according to a report from Deloitte. While you don’t want to limit your budget too much and cancel a membership you’ve been using and enjoying, it’s a good idea to regularly review what you’re paying for, and whether you’re using the service enough to make it worth the price tag. Here’s how to get started.
Subscription services to cancel or downgrade
Everyone’s credit card statement will look different when it comes to what they spend on. But here are some deductibles you can cancel or reduce costs:
- Free trials that update automatically: Sometimes platforms will offer you a free trial but require you to enter your payment information. If you’re not careful, don’t forget to cancel after the free trial is over and end up paying monthly or annually.
- Services you do not use: Say you’ve finished watching your favorite television show, stopped going to the gym or haven’t read the news in months. Are you still paying for that service? Review your bank statements to be sure.
- Premium contributions: You can usually downgrade to a less expensive tier to switch to looking at ads. If you don’t mind ads or don’t use the service very often, it might be worth it to delete the higher premium membership and use the free or lower version.
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How to find hidden subscriptions
The best place to spot hidden subscriptions is on your credit card or bank statement. This statement lists all the expenses you received.
You can also check the settings on your iPhone or Android to see the monthly subscriptions you pay for through the Apple Store or Google Play Store. Some people also pay for subscriptions through other platforms like PayPal, so be sure to review all of your different payment plans.
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How to cancel a hidden subscription
Personal finance programs like Rocket Money can help you identify and cancel monthly subscriptions.
You can also go the more traditional route and cancel someone’s subscription after seeing it on your credit card balance. Most companies allow you to cancel your subscription when you go to your account settings, but you may need to call or email the company, especially if you’re trying to cancel something like a membership exercise.
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The benefit of finding hidden money
Usually, you can cancel or reduce subscriptions without losing them – especially if they’re services you don’t actually use.
The more money you save by cutting unused subscriptions from your budget, the more you should spend on things you enjoy or save for your future. Take that $69 fee for video streaming services: that’s $828 in savings over a year.
