How to Cut Unnecessary Subscriptions and Save Money

Let’s be honest – it’s easy to let subscriptions creep into your life. A tempting trial period, a flash sale, or just the promise of ‘exclusive content’ can lead you down a rabbit hole of monthly payments you don't really need. And before you know it, you're spending a significant chunk of your income on services you rarely, if ever, use.

Feeling like your bank account is shrinking? You might be surprised how much money you’re spending on subscriptions you barely use. This post will walk you through a simple process for identifying and cancelling those unnecessary subscriptions, helping you take control of your finances.

Step 1: The Great Audit

The first step is to get a clear picture of exactly what you're subscribing to. Don’t just glance at your bank statement – dig deeper. Here's where to look:

Credit Card Statements: This is the best place to start. Most subscriptions are charged to a credit card.
Bank Statements: You might see recurring charges here, especially if you pay with a debit card.
App Stores (Apple App Store, Google Play Store): Subscriptions linked to apps can be easily missed.
Streaming Services: Netflix, Spotify, Hulu… it’s easy to forget how many you’re paying for.
Online Services: Are you paying for a VPN, a productivity app, or a specialized software service?

Step 2: Categorize and Evaluate

Once you’ve compiled a list, sort it into categories:

Essentials: Subscriptions you genuinely use and benefit from regularly. (Think: essential software, core streaming services you watch weekly)
Occasional Use: Services you use a few times a month, perhaps for specific projects or interests.
Wasteful/Forgotten: These are the culprits! Services you haven’t touched in months, or that you simply don't remember signing up for.

Step 3: The Cancellation Process

Now for the important part! Here's how to cancel each subscription:

Check the Website: Most services have a simple cancellation process on their website. Look for a “Manage Subscription” or “Cancel Membership” option.
Contact Customer Support: If you can’t find a cancellation option online, don’t hesitate to call customer support. Be polite and firm – you have the right to cancel.
Set Reminders: To avoid future subscriptions, set reminders on your phone or calendar to review your subscriptions every few months.

Tips for Staying on Track

The 30-Day Rule: If you’re hesitant to cancel a subscription, give yourself 30 days to seriously evaluate its value. You might find you've forgotten how much you use it.
Consider Sharing: Can you share subscriptions with family members or friends to reduce the cost?
Look for Free Alternatives: Are there free versions of services that meet your needs?

Cutting unnecessary subscriptions can have a surprisingly big impact on your finances. Even small savings add up over time, giving you more money for your goals, whether that’s a vacation, paying down debt, or simply building a safety net. Start your audit today and start saving!