Spring Clean Your Subscription Services
Posted
on Wednesday, April 17, 2024
in
Financial Education
There are subscriptions for everything these days. In addition to traditional magazine and newspaper subscriptions, there are now subscriptions for movies, books, music, and even yard maintenance. There are even subscriptions to various retail stores, smartphone apps, and gyms.
With so many subscriptions, it can be easy to sign up for one and lose track of it as you stop using it. That can do some serious damage to your finances.
According to a survey from West Monroe, Americans spend an average of $237 per month on subscription services. The survey also found that 84% of respondents underestimated by as much as $400 the amount they were spending on subscriptions.
“Subscriptions can make life easier, but they can also get you in trouble if you don’t keep track of them,” said Jennifer Hass, Senior Vice President and Human Resources & Marketing Officer at United Bank & Trust. “It’s critical for your finances that you review your subscriptions regularly to make sure you’re not being charged for something you no longer use. Spring is the perfect time to clean up your finances.”
How to Clean Up Your Subscriptions
Including a review of your subscriptions as part of your annual spring cleaning could help you save a lot of money. Although it may be a daunting task, the best way to review what you’re spending each month on subscriptions is to go through your bank and credit card statements from the last few months.
Review each statement carefully and determine whether you still need the products and services that you’re being charged for. Once you’ve accounted for all of your subscriptions, cancel those that you’re no longer using.
Some subscription services may offer annual payment plans that auto-renew once per year. To get the best look at your current subscription services, look at a year of bank statements to ensure you’re not missing any annual, biannual, or quarterly subscriptions in your calculations.
Aside from your bank and credit card statements, you can also look for subscriptions in your phone’s setting, on your Amazon account, or on other websites you frequently make purchases from.
Once you’ve completed these steps, you’ll soon be able to watch your spring-cleaning savings stack up.
More Information
Regardless of the method you choose, cleaning up your subscriptions will benefit for you finances in the long run. Once you cut unnecessary subscriptions from your budget, you can work towards cleaning up other areas of your finances and setting new financial goals.
For more information about United Bank & Trust, visit our website, stop in, or call us at (641) 753-5900.