Subscription services can be a budget destroyer.
Yes, those little monthly fees can creep into your budget and slowly drain your funds. Usually without you even knowing. The reason? The fees are usually tiny, so you don’t notice them stacking up to form a giant anchor pulling your budget down into the abyss. Don’t let this happen to you. Here are some ways to manage subscription costs.
Add Up Costs
Take some time and go through every subscription service that you have. Add up the total annual costs of each. Looking at the annual costs instead of the monthly costs will really put into perspective how much you’re spending.
Think of Time
Now that you have every subscription laid out, consider how much time you spend using each. It might help to jot down the time next to the cost. That will make it plain as day. If you’re spending $150 per year on a service you use a few times a month, it’s time to cancel.
Look at the Fine Print
Before you sign up for a subscription service, check the fine print. You want to know exactly what you’re paying and how often. If you signed up for a free trial, make note of when it ends so you don’t get stuck paying.
Reminders are a great way to keep subscription costs in check. If you do use a free trial and don’t want to end up paying, set a reminder for when you need to cancel it. Likewise, use reminders to cancel subscriptions that you won’t use after a certain time — like a streaming service that only has one show you enjoy.
Make a note to review your subscription costs annually or bi-annually. It’s a good way to make sure you’re not paying for things you don’t use.
Original article by Chris O’Shea and adapted in partnership with SavvyMoney.