While subscription services offer convenience, they can silently drain your bank account when left unchecked. There’s a reason why auto-renewal subscription payments are referred to as “evergreen.” At the end of either a monthly or annual subscription term, these services renew automatically unless you choose to cancel. Of course, this is why they’re so hard to track. If you stop using the service, you tend to forget the service exists and not notice the charges adding up.
Even if you're selective on your end, subscription services frequently raise their prices after you've become dependent on them. These increases might seem small individually, but they add up across multiple services.
How to conduct a subscription audit
The first step is to identify recurring charges on your credit card, debit card, or online banking accounts. Set aside an hour to list all of your monthly and annual subscription expenses for the past year. Don’t recognize a few of them? Or maybe there’s a service you like but rarely use? Go ahead and cancel those. Create a calendar reminder for yourself to do this every month or so if you really want to stay on top of it.
Review the last three months of credit card and bank statements
Look through your app store subscriptions (Apple App Store, Google Play)
Review your Amazon recurring orders and subscriptions
Create a subscription tracker
Now it's time for a spreadsheet. For each subscription, document:
Monthly/annual cost
Last time you used the service
This visual representation helps you understand your total subscription spending and identify potential cuts.
When was the last time I used this?
Could I downgrade to a cheaper tier?
Does this subscription meaningfully improve my life?
Take action: Cancel, pause, or negotiate
For services you decide to keep:
Look for annual payment options that might offer discounts
For those you don't need:
Take screenshots of cancellation confirmations
The bottom line
Think about it like this: Even cutting just $50 in monthly subscriptions saves $600 annually. I recommend implementing an ongoing system. Schedule quarterly subscription audits on your calendar, enable notifications for all subscription charges, and even consider a dedicated credit card for subscriptions to easily track spending.
Take an hour this weekend to audit your subscriptions. Your future self (and bank account) will thank you.
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