I’ve lost count of how many times I’ve been charged for a monthly subscription I don’t use. It wasn’t until I started using a budget app with a built-in subscription tracker that I realized just how much money was slipping through my fingers. For instance, I found out I was still paying $14.99 per month for a music streaming service I hadn’t used in over a year. That’s almost $180 down the drain.
Finding the Right Subscription Tracker App
When it comes to choosing a budget app with a subscription tracker, there are plenty of options available. I’ve tried out several, including Mint, You Need a Budget (YNAB), and Personal Capital. Each has its strengths and weaknesses, but my favorite is still Mint. Its subscription tracker feature is incredibly easy to use - simply link your bank accounts and credit cards, and the app will automatically detect recurring payments. For example, I linked my Chase credit card and discovered I was paying $29.99 per month for a gym membership I hadn’t used since moving to a new city.
I’ve also experimented with other apps, like Truebill and Trim, which specialize in subscription tracking. These apps can be super helpful if you have multiple subscriptions scattered across different accounts. Truebill, for instance, allows you to link all your accounts and view your subscriptions in one place. It even offers a feature to cancel unwanted subscriptions on your behalf - for a small fee, of course. I used Trim to cancel my unused Netflix subscription, which was costing me $15.99 per month.
Setting Up Your Subscription Tracker
Setting up a subscription tracker is relatively straightforward, regardless of the app you choose. With Mint, it took me about 10 minutes to link all my accounts and get started. The app automatically detected most of my recurring payments, including my $69.99 monthly phone bill and $12.99 monthly subscription to Adobe Creative Cloud. However, I did have to manually add a few subscriptions that weren’t automatically detected, such as my $9.99 monthly subscription to Apple Music.
One thing to keep in mind when setting up your subscription tracker is that you may need to categorize some of your transactions manually. For instance, I had to tell Mint that my $10.99 monthly payment to Dropbox was indeed a subscription, rather than a one-time purchase. This only took a few seconds, but it’s an important step to ensure your subscription tracker is accurate.
Identifying Unused Subscriptions with Your Subscription Tracker
Once you’ve set up your subscription tracker, it’s time to start identifying unused subscriptions. This can be a bit of a painful process, especially if you’re like me and tend to sign up for lots of free trials without canceling them before they convert to paid subscriptions. According to a recent survey, the average person wastes around $130 per month on unused subscriptions. I was shocked to discover that I was wasting around $50 per month on unused subscriptions - including that music streaming service I mentioned earlier.
To identify unused subscriptions, simply review your subscription tracker regularly. Most apps will allow you to view your subscriptions in a list or graph format, making it easy to spot any recurring payments you don’t recognize or no longer need. For example, I used my subscription tracker to identify a $19.99 monthly payment to a software company that I hadn’t used in months. I was able to cancel the subscription and save myself almost $240 per year.
Canceling Unused Subscriptions with Your Subscription Tracker
Canceling unused subscriptions is usually a straightforward process, thanks to your trusty subscription tracker. Most apps will provide you with a link or button to cancel each subscription directly from within the app. For instance, I used Mint to cancel my unused gym membership - all it took was a few clicks, and the subscription was gone.
However, some subscriptions may require a bit more effort to cancel. I recently tried to cancel my subscription to a monthly box service, only to discover that I had to call their customer support team to do so. This took around 10 minutes, but it was worth it to save myself $29.99 per month. According to Truebill, the average person can save around $100 per month by canceling unused subscriptions.
Staying on Top of Your Subscriptions with a Subscription Tracker
To get the most out of your subscription tracker, it’s essential to review your subscriptions regularly. I like to set aside 10-15 minutes each month to review my subscription list and ensure I’m not wasting money on anything I don’t need. This is also a good opportunity to adjust your budget and make any necessary changes.
For example, I recently realized that I was paying $14.99 per month for a cloud storage service that I no longer needed. I was able to cancel the subscription and save myself almost $180 per year. By regularly reviewing my subscriptions, I’ve been able to save around $500 per year - money that I can now put towards more important things, like saving for a down payment on a house.
Start using a budget app with a built-in subscription tracker today, and see how much money you can save by canceling unused subscriptions.