Cancel My Subscription! How to Save Money By Cutting Subscriptions
Looking for ways to tighten your belt and save money? Just wondering “how can I cancel my subscription?” We’re here to help you.
Do you know how many subscriptions you have? Very few of us can answer this question honestly, as it’s easy to lose track of smartphone apps, streaming services, or online memberships.
But if you’re not using all of your subscriptions, you’re basically throwing money away. Scary stuff.
The good news is, you can take charge of your finances by canceling subscriptions you’re no longer using.
How can I cancel my subscription? It’s easy to do and you can get started today—read on to learn how, plus how much you could be saving.
How Much Can I Save In a Year?
You might be surprised how much you can save by canceling your subscriptions. On average, we spend $640 per year on subscriptions, a huge amount! Even if you only cut out half of those, you would be looking at large savings.
Say your household has subscriptions to three television streaming channels at $15 per month. Plus, you spend $20 per month on apps for your phone and $30 on online magazines.
This works out to $95 per month or $1,140 per year. This could be enough for a vacation! Or, it can be a large contribution towards the mortgage, car payments, or household bills.
What Subscriptions Do I Have?
If you want to cancel subscriptions, it helps to first work out a list of all your current subscriptions.
However, this can be easier said than done! With so many automatic debits occurring through online banking, it’s easy to pay for ongoing subscriptions that you forgot you’d even signed up for.
To help get you started, here are some of the most common subscription services.
Always check your online banking, going back a few months, and make note of any regular transactions that you don’t recognize. These may be payments for subscriptions.
Our smartphone apps offer us thousands of apps to purchase. With the convenience of the App Store on Apple, for example, you don’t even need to enter your credit card details, as they’re saved automatically.
Have you ever downloaded an app for the free trial period, then forgotten to cancel before billing starts? This is not uncommon.
We use our phones to purchase games, music streaming, photo editing software, and a huge range of apps, so check your smartphone to see if you have any apps you can cancel.
Or, if you have kids or family members linked to your account, make sure their settings are tight enough to restrict them from making purchases without your permission.
Otherwise, it’s very easy for kids to purchase games on our phones without us even realizing it.
TV Streaming Services
We love the convenience and huge range of shows offered by tv streaming services—but how many subscriptions do we really need?
With each platform offering different shows, it’s easy to get caught up in purchasing them all.
Streaming platform Hulu has over 28 million subscribers, so it’s clear that the popularity of these apps will only continue to increase.
However, if you’ve had enough of Hulu, here’s how to cancel — https://setapp.com/how-to/cancel-hulu.
Go through your recent transactions and check for subscriptions to services such as Netflix, Amazon Prime, Disney+, or YouTube TV. If you want to keep one or two, decide which one gets used most frequently and cancel the others.
Ongoing cable subscriptions are another thing you might want to consider canceling. Do you watch cable tv very often? Or, can you switch to a more affordable plan with fewer channels?
As monthly cable costs can be more expensive than a tv streaming platform, these costs can add up quickly over the year.
Meal Delivery Services
Cooking after a long day of work can be tiring, which is why many of us rely on meal delivery services to bring us pre-cooked or ready meals, saving time in the kitchen.
Although, if you’re trying to budget, try cutting back on your meal services. If you can’t cancel, at least reduce the number of meals per week to cut costs.
If the lack of time is the problem, why not try meal prepping, preparing a bunch of meals for lunch and dinner on Sunday afternoon, before the workweek. This way, when you come home late and hungry, a nutritious meal will be ready and waiting for you.
Gyms and Yoga Studios
A popular New Year’s resolution for many is to get in shape. This often leads to memberships to gyms, yoga studios, or boot camps. But in reality, do you go often enough to warrant the cost?
If you signed up for a gym but find yourself less and less, there’s no shame in canceling your membership. Not only will it save a lot of money, but there are many ways to get in shape for free.
Take up walking or running, go for a swim, or go for weekend hikes. Losing weight doesn’t require a gym membership, so this can be a great way to cut costs.
How Can I Cancel My Subscription?
Luckily, it’s easy to cancel most subscriptions. For smartphone apps, you can do this through the app store, but for others, you can cancel online or over the phone with the company.
The only complication may be if you’ve signed up for a subscription for a minimum time period, which sometimes occurs with cable and gyms. In this case, if you cancel before the minimum time, you may be charged a cancellation fee.
Try to always check the terms and conditions when signing up for anything to avoid this issue.
Start Saving Money Today
Ready to start saving money? If so, you now know the answer to ‘how can I cancel my subscription’, so get started today.
You can keep a few that you use often, but for many of us, there’s plenty we can get rid of. Enjoy your savings, now that you’re spending less money on subscriptions!
Did you find this article helpful? If so, please browse some of our additional content.