Cutting costs: A guide to auditing your subscriptions

Managing multiple subscriptions can be tricky, especially as more services switch to a recurring payment model. Whether it’s streaming services, fitness apps, or software subscriptions, it’s easy to lose track of what you’re paying for every month. Without regular audits, you could be paying for unused or unnecessary services, quietly draining your bank account.

In this guide, we’ll explore the importance of subscription audits, offer actionable tips to reduce costs, and highlight how tools like SubTracked can make subscription management effortless.

Why You Should Audit Your Subscriptions

Subscription models are convenient, but they can lead to “subscription creep”—the gradual accumulation of services that you may not need or use regularly. Here’s why auditing your subscriptions is vital:

• Avoid Wasting Money: You might be paying for subscriptions you no longer use or forgot about. Regular audits help you spot these and cancel them.
• Better Budget Management: Subscription fees may seem small, but they can add up to a significant chunk of your budget. Keeping them in check allows for better financial planning.
• Control Automatic Renewals: Many services auto-renew without notification, which can lead to unexpected charges. Regular audits help ensure you aren’t blindsided by renewals.
• Find Alternatives: Through audits, you can compare services to find cheaper or better alternatives.

Auditing your subscriptions can lead to significant savings and peace of mind, but how do you begin?

Step-by-Step Guide to Auditing Your Subscriptions

1. List All Your Active Subscriptions

The first step in auditing your subscriptions is identifying them all. Start by reviewing your bank and credit card statements from the past few months. Be thorough—sometimes subscriptions are listed under different names than you expect, so look for recurring charges or vendor names you don’t recognize.

This process can be time-consuming, but using a subscription management tool like SubTracked simplifies things. SubTracked automatically pulls all your active subscriptions into one convenient dashboard, saving you hours of manual work.

2. Evaluate Usage and Necessity

Once you have your list, the next step is evaluating how often you use each service. Ask yourself the following:

• Is this service essential?
• How often do I use it?
• Do I have alternative services that offer the same features?
• Is there a cheaper or free alternative available?

For example, if you’re paying for three streaming services but only use one regularly, you may want to cancel the others. Alternatively, services like shared family plans or bundled subscriptions could offer better value.

3. Check for Price Increases

Subscription prices don’t always stay the same. Over time, some services may raise their fees without providing clear notification. As part of your audit, check whether the costs of your subscriptions have increased since you first signed up.

With SubTracked’s price tracking feature, you can monitor your subscriptions over time and get alerts about any price hikes, so you’re never caught off guard.

4. Set Up Renewal Alerts

One of the easiest ways to lose money on subscriptions is through automatic renewals. Many people forget about free trials or annual renewals, leading to charges they didn’t anticipate. By setting up renewal alerts, you’ll receive reminders before each renewal, giving you the chance to reconsider if the service is still worth the cost.

SubTracked’s renewal notification feature is perfect for this. It automatically sends alerts before any subscription renews, ensuring you have time to cancel if needed.

5. Cancel Unwanted Subscriptions

The hardest part of a subscription audit is often the cancellation process. Some services make it difficult by hiding cancellation options in menus or offering tempting discounts to keep you subscribed. However, don’t let these obstacles stop you from trimming your subscription list.

With SubTracked’s cancellation instructions, you can easily navigate the process for each service. You’ll get step-by-step guidance to ensure you’re not stuck paying for something you don’t use.

6. Keep an Ongoing Log

Subscription services change over time, and so does your usage. That’s why it’s important to keep an ongoing log of your active subscriptions and review them every few months. This way, you can stay on top of price changes, trial periods, and any new services you sign up for.

SubTracked provides an easy way to track and organize your subscriptions in real-time. You can even set up recurring audits through the platform to automatically review your subscriptions every quarter.

Maximize Your Savings with SubTracked

Regularly auditing your subscriptions is an essential part of managing your personal finances. It helps you eliminate unnecessary expenses, track renewals, and ensure you’re getting the best value for your money.

However, keeping up with subscriptions manually can be overwhelming. That’s where SubTracked can help. With SubTracked, you get:

• All subscriptions in one place: View and manage all your services from a single dashboard.
• Renewal calendar: Keep track of upcoming renewals with ease.
• Spending insights: See how much you’re spending monthly or annually on subscriptions.
• Notifications and alerts: Stay informed about renewals, price increases, and more.
• Cancellation assistance: Cancel unwanted services in just a few clicks.

Take control of your subscriptions today by signing up for a free trial of SubTracked and start saving money immediately.

Conclusion

Auditing your subscriptions is a simple yet effective way to cut costs and regain control of your finances. By regularly reviewing what you’re subscribed to, canceling services you don’t need, and optimizing your remaining subscriptions, you can free up money for other important expenses. And with tools like SubTracked, subscription management has never been easier.

Start your subscription audit today and enjoy the savings that come with smarter spending!