Entertainment, educational, gaming and networking platforms have provided an alternative to accessing unlimited on-demand content.

However, keeping tabs on services such as Netflix, Disney+, Amazon Prime, ABC mouse, Kindle unlimited, PlayStation Plus, or Blue Apron becomes difficult if you are not keen on meticulously reviewing your credit card statement each month.

With rising inflation money management is more important than ever and knowing where your money is going each month is a vital part of proper management. Tracking subscriptions and monthly bills is an important part of managing your finances proficiently.

Managing Your Fee-Based Subscriptions

To watch a show, access an online course, have food delivered to your home, or store files and photos, you will likely be required to pay a monthly fee.

Oftentimes you get a free month or week trial period, as a new subscriber. However, you must fill in payment details and a fee is automatically deducted after the expiry of the period.

Whether you use these services regularly or not, it’s important to keep track of what you’re paying for each month and where your money is going. If you’re not utilizing the services, or simply need to cut back on monthly expenses, knowing what you’re paying for each month can help you better manage your finances or save money.

Keep Track of Your Free Trials

If you have signed up for free trials that automatically convert to paid subscriptions after the expiry of the period, put up a reminder on your calendar. This will help you to cancel the payment if you are dissatisfied with the service or got what you needed from the free trial.

Review Monthly Payments Regularly

Reviewing your monthly subscriptions and payments on a regular basis can prevent you from wasting money on services or programs that you no longer use or need. You may find that some services can be combined, reduced, or eliminated depending on your current needs vs. what you needed when you originally signed up for them (e.g., paying for more than one online photo storage service where all files could be stored on one platform, or not need as much storage space as you’re paying for.)

Use a Single Card for All Subscriptions

When you use different cards to pay for subscriptions, it becomes difficult to track them. In addition, it is hard to audit for errors, monitor total spending, and keep an eye on the different services.

Instead, choose one card or account to pay for subscriptions. If you have already charged several cards, change the payment details.

This will help you weed out any subscriptions you forgot about and make the right decision on whether to continue or terminate the services.

At the same time, opt for a card that offers rewards such as cashback when you pay for qualifying bills like streaming.

Using Apps That Track Subscriptions

Undoubtedly, it is not easy to keep tabs on all your subscriptions on your calendar and make regular audits.

Luckily, there are apps that streamline this process and make it easier to manage and track down any forgotten subscriptions. Consider the following:

1. Rocket Money

Rocket Money identifies your subscriptions to help you stop paying for things you no longer need. Your concierge is there when you need them to cancel unwanted subscriptions so you don’t have to. Get an effortless breakdown of your finances to see where your money is going and how to improve.

2. Truebill

In addition to general banking and expense tracking, Truebill helps manage your subscriptions at a fee. It connects with your bank account to track down and gives you a list of all your subscriptions. This helps to not lose track of your bills and cancel any unwanted subscriptions on your behalf.

The app is available to both Apple and Android users.

3. Hiatus

Just like Truebill, Hiatus links to your bank account. Although you can go with a free basic account, you’ll need to upgrade to a premium one to manage subscriptions.

The service helps track down all of your spendings and provides you with a list of all your recurring expenses. It can give alerts on renewals and helps you cancel all unwanted or forgotten subscriptions.

The app is for Apple users only.

4. Bobby

Just like Truebill, Hiatus links to your bank account. Although you can go with a free basic account, you’ll need to upgrade to a premium one to manage subscriptions.

The service helps track down all your spending and provides you with a list of all your recurring expenses. It can give alerts on renewals and helps you cancel all unwanted or forgotten subscriptions.

The app is for Apple users only

5. TrackMySubs

Unlike the other apps, TrackMySubs gives you 10 free subscriptions of your choice to track down. However, you have to manually load them inclusive of payment details.

On the plus side, you can choose when to be alerted to different email addresses before a subscription charge goes through. It also gives a guide on how to cancel unwanted subscriptions.

TrackMySubs is available for both Android and Apple users.

The Takeaway

Tracking your subscriptions is a basic undertaking to avoid unwanted charges for services that are unwanted, outdated, or redundant.

You can manually keep tabs on your subscriptions or better yet, sign up for any of the above apps to automatically track and opt-out of such services.