How many monthly subscriptions are you paying for right now? If you have to stop and think about it, that’s probably a sign it’s time for a subscription audit.
Streaming services, fitness memberships, apps, meal kits, cloud storage and other recurring services can be easy to sign up for—and surprisingly easy to forget about.
Individually, a $10 or $15 monthly charge may not seem significant. But add several of them together, and you could be spending hundreds of dollars a year on things you aren’t using.
Start by reviewing the recurring charges on your checking account and credit card statements. Make a list of every subscription or membership you find.
Then ask three questions:
Do I use it? If you haven’t opened that streaming service or app in months, it’s probably time to let it go.
Do I need it? Some subscriptions are convenient but aren’t actually necessary.
Is there a less expensive option? You may be able to switch to a lower-cost plan or share certain services within the provider’s rules.
Don’t forget about annual subscriptions. A $60 or $100 charge that happens once a year can be easy to overlook because it isn’t appearing every month.
Once you’ve identified subscriptions you don’t need, cancel them. Don’t simply delete the app from your phone—make sure the recurring payment itself has been stopped.
Then put the savings to work.
If you eliminate $50 in monthly subscriptions, that’s $600 a year. Instead of letting that money disappear into your checking account, consider automatically transferring it to savings or using it to pay down debt.
You can also make a habit of reviewing subscriptions twice a year. Set a reminder for September and March, for example, and spend 15 minutes reviewing your recurring expenses.
The goal isn’t to eliminate everything you enjoy. It’s to make sure you’re spending money on things that actually provide value to you.
Sometimes finding extra money in your budget isn’t about earning more. It’s simply about stopping the leaks.
