How many subscriptions do you think you have? If you were to ask me two months ago I would say 5. The typical Netflix, Amazon, Hulu would come to mind, along with a few others.
While once leery of unexpected auto debits from my bank account, I found comfort and convenience in using my credit card. It seemed like a safe catch-all for subscriptions and free trials. I could plug in my credit card account number and instantly unlock access to the latest app, service or gimmick, without the worry of overdrawing my bank account.
I began my new found budgeting journey by making a list of all my auto debits. I started with the ones I could think of off the top of my head. Then, I scoured through my credit card statements to see what else was being auto-charged. The results were shocking.
Not 5. Not 10. But 15 subscriptions that were being auto-debited from my credit card.
FIF-TEEN. ONE – FIVE.
There were 15 random services that I had subscribed to, most of which I didn’t even remember. One by one I worked my way down the list to reassess or cancel each expense. This resulted in a BIG savings of $1,000/year or about $83/month! If someone had told me I could cut over $80 out of my spending right off the top without even noticing, I would have scoffed at the idea.
Here’s a list of my most noteworthy cancellations and the deep soul-searching it took to get there:
- Gym Membership ($10/mo) – I’ve held onto this one for far too long. My insurance reimburses me so it feels like free money. Number of times I have gone in the last 12 months: ZERO. Byeeeeee!
- VSCO ($19.99/yr) – File this one under most embarrassing. I subscribed to get access to the extra filters so I could make my photos look more vibrant. Turns out all the money I spent on my new iPhone last year already did that. No filter needed. Oh well, my 90s scrunchies were probably the closest I’d ever get to being a VSCO girl anyways.
- Satellite Radio ($20.63/mo x 2!) – Now this one didn’t come out of my accounts but in my effort to reduce our overall household spending I decided to ditch Satellite Radio. I’m pretty sure I only listened to it when the holiday stations rolled in. It’s an awful lot of money to listen to Jingle Bell Rock a couple times a year. Not to be outdone, my husband (who was paying for both our subscriptions) cancelled his too — a $41/mo savings!
- Audio Books ($14.99/mo) – This one comes from the Ghost of New Years Resolutions Past. One year I decided that I would squeeze more smarts into my day by listening to audio books on my commute. Did I download and listen to some? Yes. Did I do it every month and get my monies worth? No. The past two years spending time on extended leave and working from home, I was just not commuting enough to reenergize this goal – so it ended up on the chopping block!
One interesting thing to note is I used up all my credits before I cancelled so I wouldn’t lose out. I’ve read in various Facebook groups that some people got a full refund of unused credits. Definitely worth checking out before you cancel! - Amazon Prime ($119/yr) – And the award for Most Wasteful Subscription goes to…. Ok wait, hear me out! This one is not as radical as you think. Like most of you, I don’t remember how I survived without my Amazon 2-day shipping, but we were paying for TWO SUBSCRIPTIONS. I had my own and my husband had his own. There may be a bigger issue here with our “don’t ask, don’t tell” approach to spending, but we don’t need to dig into that. With some quick research, I discovered we could combine our Prime accounts under one household membership and still maintain our own profiles. We quickly knocked out one unnecessary subscription, which didn’t save me any money but my husband is now $10/mo lighter. We’ll take that as a win!
- Hulu ($5.99/mo) – This last one isn’t a cancellation but more of an exciting money saving hack! I remember getting an email awhile ago from my cellphone carrier that they would bundle in Hulu at no cost for certain plans. I tried it, got easily frustrated, and gave up. Maybe that’s what they count on. But, now. I was on a mission. It took me a good 30 mins of live chat with the cellphone company but they helped me link my Hulu account to my phone plan, which saved me nearly $6/mo just for being a customer. Cha-Ching!
Alright, Smarties! There is is. The dramatic story of how I saved $1,000/year without even noticing. Next steps? You know what to do….
BankSmartCarrie.com 