Subscriptions can be sneaky little drains on your budget. We sign up for them without thinking too much about the long-term costs, and before you know it, you’re juggling subscriptions for everything from streaming services to fitness apps. The convenience of automatic payments can lull us into forgetting how much we’re actually spending every month.
Let’s be honest—how many of those subscriptions do you actually use? Cutting back on unnecessary ones is one of the easiest ways to save money without feeling like you’re making a sacrifice. And the best part? Once you cancel them, you keep saving month after month.
Ready to take control and free up some extra cash? Here’s a straightforward approach to cutting subscriptions you don’t need and keeping more of your hard-earned money.
1. Review All Your Subscriptions
First things first: You need to know what you’re subscribed to. With the sheer number of services available these days, it’s easy to lose track of everything you’ve signed up for.
Start by checking your bank and credit card statements for recurring payments. Make sure you check at least the last three months. Some services charge quarterly or annually, so a one-month snapshot might not show you the full picture. Look for anything that says “recurring” or seems to repeat every month.
If you don’t want to sift through statements manually, there are apps like Truebill and Trim that can do this for you. They scan your accounts and identify all your subscriptions, making it easier to spot the ones you’re no longer using. Truebill even has a cancellation service to help you get rid of unwanted subscriptions with just a few clicks.
Once you have a list of everything you’re subscribed to, write it down or keep it in a digital document. This will give you a clear idea of what you’re working with and help you see where your money is going.
2. Categorize Your Subscriptions
Now that you have the list, categorize your subscriptions into three groups:
- Essential: These are the subscriptions you truly need and use regularly. Things like your internet service or a necessary software subscription for work might fall into this category.
- Occasionally Useful: These are subscriptions you use sometimes but could probably live without. A streaming service you only watch once a month or a meal kit delivery you use on special occasions could fit here.
- Unused or Forgotten: This category is the low-hanging fruit. Maybe you signed up for a free trial of a fitness app months ago and forgot about it, or you’re still paying for that meditation app you never open. These subscriptions should be canceled immediately.
Being honest with yourself here is key. You might feel like you “need” that third streaming service, but if you haven’t watched anything on it in weeks, it’s probably time to let it go.
3. Cancel the Unnecessary Ones
Once you’ve categorized your subscriptions, start with the “unused or forgotten” category and cancel them right away. These subscriptions are costing you money every month for zero benefit.
To cancel, go to the service’s website or app, find the account or subscription settings, and look for the option to cancel. Keep in mind, some services make it intentionally hard to cancel—don’t let that stop you. If you can’t find the cancellation option, reach out to customer support.
Pro tip: Some services will offer discounts or extended trials when you attempt to cancel. This can be a great opportunity to negotiate a lower rate if it’s a subscription you do actually want to keep.
After canceling, make sure to keep an eye on your next statement. Sometimes, services don’t process cancellations right away, and you don’t want to be charged for another month.
4. Evaluate the Occasionally Useful Subscriptions
The “occasionally useful” category is a bit trickier. These are the subscriptions you kind of like but could definitely live without. This is where you can save big.
Take a closer look at each of these subscriptions. Ask yourself:
- How often am I really using this service?
- Is there a cheaper or free alternative?
- Can I share this subscription with a friend or family member?
- Do I need this subscription year-round, or could I cancel it now and resubscribe later?
For example, if you only use a certain streaming service to watch a specific show once a year, consider canceling and signing up again when that show comes back. Seasonal subscriptions are a great way to enjoy what you love without paying all year long.
Some apps and services offer a “pause” option instead of canceling. This can be useful if you want to take a break but plan to return in the future. You won’t be charged during the pause period, and you can resume your subscription when you’re ready.
5. Negotiate Lower Rates
For the subscriptions you decide to keep, don’t be afraid to negotiate a better price. Many subscription-based services are willing to lower your rate if you ask, especially if you’re considering canceling.
Here’s how to approach it:
- Go to the service’s cancellation page. Some companies will offer you a discount right then and there, just for considering canceling.
- If no discount is offered automatically, contact customer support. Politely explain that you’re thinking about canceling due to the cost and ask if there are any promotions or discounts available. You’d be surprised how often they’ll offer something just to keep you as a customer.
Pro tip: It helps to do a little research ahead of time. If you find that the company has been offering discounts to other customers, you can mention this in your conversation.
6. Consolidate or Share Subscriptions
Another great way to save money on subscriptions is to consolidate or share them. Many streaming services offer family plans or allow you to share accounts with multiple users.
For example, Netflix, Spotify, and Apple Music all have family plans that let multiple people use the service for one flat rate. If you’re currently paying for individual accounts, switching to a family plan could cut your costs significantly.
On the other hand, if you have friends or family members who use the same services, consider splitting the cost. For instance, you could share one account with a friend and split the monthly fee, saving both of you money.
Just be sure to follow the service’s terms of use. Some companies have limits on how many people can share an account or how many devices can be logged in at once.
7. Set Reminders for Free Trials
Many of us fall into the trap of signing up for a free trial, then forgetting to cancel before the billing period starts. Those automatic payments can add up fast, especially if you’re signed up for multiple trials at once.
To avoid this, set a reminder in your phone or calendar for a few days before the trial ends. This will give you enough time to decide whether you want to keep the service or cancel it before you’re charged.
Some services, like Hulu or Audible, allow you to cancel during the free trial without losing access. So, if you know you won’t want to continue, cancel immediately, and you’ll still get the full trial period without worrying about being charged later.
8. Regularly Review Your Subscriptions
Cutting unnecessary subscriptions isn’t a one-time thing. Our lives change, and so do our needs, so it’s important to regularly review your subscriptions.
Set a reminder to review your subscriptions every three to six months. This way, you can catch any new subscriptions you might have forgotten about or decide if certain services are no longer worth the cost.
Think of it as spring cleaning for your finances. The more often you do it, the more money you’ll save.
9. Consider One-Time Purchases Instead of Subscriptions
Before you sign up for a new subscription, ask yourself if you really need it long-term. Sometimes, a one-time purchase can be a better deal.
For example, if you’re subscribing to a premium version of an app just to unlock one feature, see if there’s an option to make a one-time purchase instead. The upfront cost might be higher, but in the long run, it could save you money.
Likewise, instead of subscribing to a fitness app, consider buying a few workout videos that you can use over and over again. There are also free alternatives for many services, like YouTube workouts or free versions of productivity apps, that can give you what you need without the ongoing cost.
10. Track Your Savings
Once you’ve gone through the process of cutting unnecessary subscriptions, take a moment to add up how much you’ve saved. Tracking your savings not only gives you a sense of accomplishment but also helps reinforce the habit of regularly reviewing and cutting back on expenses.
You can even put the money you save into a separate account, which can be used for future purchases, emergency savings, or that dream vacation you’ve been planning. It’s rewarding to see how small changes can add up to big savings over time.
Cutting unnecessary subscriptions might seem like a small step, but it’s one of the easiest ways to free up extra money in your budget. By reviewing your subscriptions, canceling the ones you don’t need, and negotiating better rates, you can take control of your finances without sacrificing the things that truly matter to you.