Some Spring Cleaning Could Improve Your Finances

There are subscriptions for everything these days. In addition to typical subscriptions like magazines and newspapers, there are now subscriptions to other types of content, such as movies, books and music as well as services, like yard maintenance. There are even subscriptions to various retail stores and smartphone apps.

With so many subscriptions, it can be easy to sign up for one and lose track of it as you stop using it. That can do some serious damage to your finances. According to a survey from West Monroe, Americans spend an average of $237 per month on subscription services. The survey also found that 84% of respondents actually underestimated by as much as $400 the amount they were spending on subscriptions.

Take time to review your subscriptions and make sure you're not being charged for something you no longer use. Including a review of your subscriptions as part of your annual spring cleaning could save you a lot of money. Whether you signed up for it through the mail, on your phone or some other device, access to your subscriptions could live in several places.

Although it may be a daunting task, the best way to review what you’re spending each month on subscriptions is to go through your bank and credit card statements. Review each one carefully and determine whether it’s a service you still need. Once everything is accounted for, cancel what you’re no longer using.

It doesn’t end there, however. Some subscription services offer annual payment plans and are set to auto-renew once per year. It may sound like an exhausting task to go through an entire year’s worth of bank statements to find these subscriptions, but there are other places to look. You can check your mobile phone settings. On Android devices, you can do this through the Play Store. On Apple, open Settings, click on your name and check your Apple ID for subscriptions that are managed on your phone.

Once you’ve reviewed your phone for subscriptions, check for any subscriptions listed on your Amazon account. They could be set up through Amazon directly or through its “Subscribe & Save” feature. Canceling unneeded annual subscriptions can eliminate unnecessary expenses and allow you to save more money.

After all that, if you’re not sure whether you’ve caught all of your subscriptions, there are several apps you can download on your mobile device that track subscriptions. These apps will connect to your bank accounts to provide you with a list of services that are being charged to your accounts. Some examples include Rocket Money, Truebill, PocketGuard and Trim.  

Whatever method you use, cleaning up your subscriptions will benefit your finances in the long run, especially if you find some you can cut out of your budget.

This message is provided for information only courtesy of the Iowa Bankers Association in partnership with Iowa State Bank.