How to manage and cancel recurring subscriptions

Why should I cancel my unused subscriptions?

There are various potential reasons for canceling unused subscriptions, such as the below:

• Save money: While it’s easy to overlook small recurring charges, they can drain finances over time. Canceling subscription services can cut unnecessary subscription costs and reduce monthly expenses.
• Get the free version: Some services offer free subscription versions, though there may be strings attached, like ads. But downgrading plans may help manage subscription service costs without losing benefits.
• Access reduced pricing: To retain their customer base, companies often offer reduced rates to those who cancel or attempt to cancel subscriptions. Take advantage of these promotional deals for better terms and potential savings.
• Forgot to cancel during free trial: Free trials are enticing by design, sometimes leading people to sign up and forget to cancel subscriptions. However, this oversight can lead to recurring charges for a service no longer needed or used.

How to cancel forgotten subscriptions

Ready to systematically identify and cancel forgotten subscriptions? Consider these steps to keep tabs on them.

Identify subscriptions

Start by compiling a comprehensive list of subscriptions. Common subscription categories to consider when looking for active services include:

• Entertainment: TV streaming and music platforms.
• Software and apps: Subscriptions for software tools or mobile apps with recurring charges.
• Health and fitness: Gym memberships, yoga class passes, or subscription-based wellness apps.
• News and magazines: Subscriptions to newspapers, magazines, or online news platforms.

Check bank statements

Reviewing monthly bank and credit card statements can be a helpful way to identify recurring payments that may go unnoticed. Look for regular charges that appear consistently each month – these are likely subscription fees. Pay special attention to small amounts, as these are often less noticeable but can add up over time.

Manage smartphone and device subscriptions

Managing and canceling subscriptions directly from mobile devices can be straightforward for those who know where to look. Here’s how to manage subscriptions on iPhone and Android:

• iPhone: Open Settings and tap the username at the top. From there, select "Subscriptions" to see and manage all active (and inactive) mobile subscriptions.
• Android: Open the Google Play Store app. Tap on the menu, then select "Subscriptions." This will display all the subscriptions tied to the account. Review each one, make changes, or cancel them directly.

Use subscription tracking tools

Subscription tracking apps and online subscription managers help users handle their subscriptions by linking to financial accounts and analyzing spending patterns.

They may also provide timely notifications and subscription reminders before renewal deadlines, allowing users to decide whether to continue, modify, or cancel the service.

Learn how to manage and track bills with PayPal.

How to prevent future unused subscriptions

Don’t waste money on unwanted subscriptions. Before committing to a new one, assess if it fits in one’s personal budgets and financial goals.

Next, use expense tracking tools or subscription management software to understand how the costs add up over time. Then use these insights to adjust spending habits accordingly, which may mean cancelling or downgrading services.