Who doesn’t love the convenience of subscription services? Endless video and music choices. Meal plans that on the reg send you everything you need to home-cook a gourmet-level meal. Your favorite lotions and potions delivered right to your doorstep. And, of course, magazines, the original subscription service dating back to 1741.
With all the upside, what’s the downside? Nothing, as long as you are using those services and can afford them. To keep your subscriptions from becoming a hidden drain on your wallet, check out these pro tips to keep track of what you have so you’re not spending money on a service you don’t use.
- Read the fine print before enrolling in a free trial. Though they may be wordy, the terms and conditions are a must-read. They'll tell you when the trial ends, for example. Watch for any pre-checked boxes, too. These could be giving the company permission to charge you after a free trial has expired or to send you products you didn't originally agree to purchase. Understand what you have to do in order to cancel. Some companies don't make the process easy.
- Set cancellation reminders. This tip dovetails with the first one. Once you find out when the trial ends after reading the terms and conditions, set a calendar reminder to cancel.
- Audit subscriptions and cancel those you don't use. Subscriptions purchased using your mobile device are easy to find and manage. If you subscribed through Apple's App Store, go to Settings on your device, then select your name, and finally, Subscriptions. Androids have similar functionality. Click on your profile icon in the app. and select Payments & Subscriptions, then Subscriptions. Both platforms offer ways to manage your subscriptions. Mail-order subscriptions, like magazines and meal plans, can be canceled online, with a phone call, or with written instruction.
If you have a lot of subscription services, you might consider using a subscription tracking app. These usually have a small monthly fee - generally $.99 to $5.00. Some of the most popular are reviewed here.
When it’s time to pay for your subscriptions, choose the card that rewards you with every purchase, every time* - the Founder’s Rewards Card. You earn unlimited 2% or 1.5% cash rewards that never expire, and never pay an annual fee! Not a member? You can apply for the membership and the card in one application.
*You can earn 1.5% cash rewards on purchases. You can earn 2% cash rewards on purchases if you maintain a PSECU checking account and qualifying monthly direct deposit(s) of at least $500. See the Visa® Founder's Card and Visa® Alumni Rewards Card Rewards Program Terms and Conditions for full details at psecu.com/disclosures.