Depending on what you pay for — meal subscription boxes, magazines, video or music streaming services, iCloud storage or styling services like Stitch Fix or Birchbox — cancelling just one monthly subscription could save you hundreds of dollars a year. If you eliminate multiple memberships, or one big one like the gym, you could save thousands.
For an easy way to get more money back in your wallet, follow these three steps:
1. Figure out exactly what you're paying for. Scan your last couple of credit card statements and look for those recurring charges that pop up every month. You might be surprised with what you find.
2. Ask yourself which subscriptions and memberships you can eliminate. Think about whether or not you truly need each one. If you can't remember the last time you used the service, that's a good sign it's time to get rid of it.
3. Cancel all unused or underused subscriptions. Most importantly, eliminate what you're not using right away. If you don't want to hop on the phone or cancel online, there are subscription management services like Truebill and Trim that will do it for you. All you have to do is link your credit and bank accounts and the app will automatically find any subscriptions you have and cancel any unwanted ones.
As for the subscriptions you end up keeping, or any future subscriptions you may sign up for, consider changing how you set up your payments. Rather than allowing a company to pull your money from your bank account or credit card, send money to the company each month. That way, you'll be more aware of exactly where your money is going.
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