With all the various types of subscriptions available today, managing them all can be quite a task. From music services and TV streaming options to online storage and even clothing memberships, it is often quite simple to sign up, but easy to forget what subscriptions you're paying for or when those "free" trial memberships expire.
Not only is managing subscriptions very time-consuming, but you can save money by ridding yourself of those unwanted and often costly subscriptions and spending your money on something you want or need instead.
Here are some tips to help you identify, manage, and cancel subscriptions you no longer want or need to help you save money.
1. Identify Your Subscriptions
2. Locate Cancelation Information
3. Choose a Cancelation Method
1. Cancelation Confirmation – No matter which way you cancel subscriptions, it is important to retain your cancelation confirmation. This step will come in handy if the company has no record of your cancelation transaction or if you need to discuss the subscription later.
2. Refund or Billing Issues – If you cancel subscriptions but are due a refund you have not received, or if the company continues to bill you, you should contact the company in writing or via their customer support phone line. Have your cancelation confirmation information handy to refer to it during the conversation. If there are still issues with continued billing, contacting your credit card company to ensure they can no longer bill you for your canceled subscription is a good idea.
1. Regular Review – To prevent future unwanted subscriptions, make it a habit to review your subscriptions regularly. This simple step will allow you to cancel subscriptions you no longer want and help you save money.
2. Trial Periods and Free Options – Savvy consumers should take advantage of trial periods or free versions before committing to paid subscriptions. This will allow you to evaluate the service and decide if it meets your needs before subscribing to the paid version. Just make sure you keep track of when the trial period ends.
Unwanted subscriptions could be costing you hundreds of dollars each month. Following these simple tips to help you cancel subscriptions you no longer use is a great way to gain control of your finances, do away with costly monthly charges, and let you use your money more effectively or save it for a rainy day.
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This content is provided for general informational purposes only and does not constitute financial, investment, tax, legal, or accounting advice. Individual circumstances and current events are critical to sound investment planning; anyone wishing to act on this information should consult with a financial professional. The information contained in these articles was obtained from sources believed to be reliable and accurate at the time of publishing. We do not represent that it is accurate or complete, and it should not be relied upon as such. All opinions and estimates expressed in this article are as of publication date unless otherwise indicated, and are subject to change.