3 Sneaky Subscription Fees To Cancel Right Now
Nowadays, we pay subscription fees for everything from our favorite music streaming services and food delivery apps to news platforms and gym memberships. And there’s a good chance those services are eating away at your budget.
Take video streaming services. Subscribers are spending $69 on average each month on these streamers, up just 13% since last year, according to a report from Deloitte. While you don’t want to be too restrictive in your budget and cancel memberships you use and enjoy, it’s a good idea to regularly review what you’re paying for, and whether you use the service enough to make it worth the price tag. Here’s how to get started.
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Subscription services to cancel or downgrade
Every person’s credit card statement will look different when it comes to what they spend on. But here are some sneaky fees you may be able to cancel or lower the cost of:
- Free trials that auto-review: Sometimes platforms will offer you a free trial but require you to enter your payment information. If you’re not careful, you may forget to cancel after the free trial is up and end up paying each month or year.
- Services you don’t use: Say you finished up a television show you loved on a streamer, stopped going to the gym or haven’t read a news site in months. Are you still paying for that service? Review your bank statements to make sure.
- Premium offerings: You can often downgrade to a lower-cost tier in exchange for watching advertisements. If you don’t mind ads or you don’t use the service too often, it may be worth cancelling a higher-cost premium membership and using the free or lower-cost version.
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How to find hidden subscriptions
The best place to see hidden subscriptions is on your most recent credit card or bank statement. This statement lists all of the expenses you have incurred.
You can also check the settings on your iPhone or Android to see monthly subscriptions you pay via the Apple Store or Google Play Store. Some people also pay for subscriptions via other platforms like PayPal, so make sure to review all your various payment systems.
How to cancel hidden subscriptions
Personal finance apps such as Rocket Money can help you identify and cancel monthly subscriptions.
You can also go the more conventional route and cancel individual subscriptions after seeing them on your credit card balance. Most companies let you cancel your subscription if you go into your account’s settings, but you may have to call or email the company, especially if you’re trying to cancel something like a gym membership.
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The benefit of finding hidden fees
Often, you can cancel or downgrade subscriptions without missing them — especially if they’re services you don’t actually use.
The more money you save from cutting unused subscriptions from your budget, the more you have to spend on items you enjoy or save for your future. Take that $69 average spending on video streaming services: That figure would amount to $828 in savings over a year.