Quit Giving Away Your $$$ Needlessly - How to Search For the $$$ Drain of Recurring Charges

I saved $500 by spending an hour of my time looking for recurring charges, subscription charges, and where I was signed up for more service than I currently was using. Individual results will vary. Depending on how freely you sign up in the first place.

The subscription business model has taken the online business world by storm. This is a big revenue generator and one that allows for more consistency in revenue for the company. It simple for all of us as consumers to sign up and adds convenience for some of the services we use.

Unfortunately, there is a down side for consumers who do not religiously manage their finances and budget. -Like me.

It's gotten so easy to say yes to these services and to taking on that seemingly small charge. We don’t think about the totality of our expenses when we sign up.

It’s so easy now, to click yes and to take on another 3.99 charge or a yearly charge of 19.99. We click it. Use it. And then move on.

It’s wonderful if you regularly use those services. Not so great for you if you don’t.

This problem has gotten so bad, that some bank apps are offering up notifications on your recurring charges. There are even a few online services that tout their ability to do a review of your credit card and bank statements and flag any recurring charges. Whether you do it manually or pay someone else to do it, it’s a great way to save you money for more important things.

Review and make a list

Have you done a review of what you are paying in monthly subscriptions?

Do you have a system for keeping track of what you are paying monthly and yearly to all the different subscriptions you are a part of?

Whether it is a monthly budgeting system that keeps track of your household expenses or something simpler, it will save you money to keep track of these charges.

If you are anything like me, it is worth spending an hour and hunting down all those places that different charges have been hiding and bleeding your bank account needlessly. I saved myself close to $500 on things I was paying for and wasn't getting the full value of using. That was definitely worth an hour of my time.

This isn’t about whether you have the money or not. It’s about not spending money on things that don’t give you any value. And like me, your results may be a little shocking. You may be surprised where all those charges are hiding.

Bank Accounts and Credit Card Statements

• Your credit card statement and bank statements are a good place to start.
• Descriptions for some charges may not be entirely clear.
• Charges that are on a yearly recurring won’t be easily noticeable unless you look at a full year on all your statements.

Your Phone and Apps

• Go to the accounts page and look at your subscriptions.
• When was the last time you used that app?
• Do you even recognize what that apps does on your phone? If not, probably a good opportunity to cancel that subscription.

Android

1. On your Android phone or tablet, open the Google Play Store .
2. Check if you're signed in to the correct Google Account.
3. Tap Menu. Subscriptions.
4. Select the subscription you want to cancel.
5. Tap Cancel subscription.
6. Follow the instructions.

Apple

1. On your Apple phone or tablet, open the Settings app.
2. Tap your name.
3. Tap Subscriptions. (If you don't see "Subscriptions," tap "iTunes & App Store" instead.) 
4. Tap the subscription that you want to manage.
5. Tap Cancel Subscription.

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