Most people don’t know how many subscriptions they have, and of those that do, nearly half of them underestimate those costs by $100 to $300.
However, the growing reliance on subscription services has led to a problem: Most people don't know how many subscriptions they have, and of those that do, nearly half of them underestimate those costs by $100 to $300,The steps for a subscription audit are simple: Log into your banks' websites and download the monthly itemized credit card statement for every card you have. Next, go through these statements and identify unwanted services that renew automatically every month.
To be thorough, do this for every month's credit card statement, going back one year. That way, you will uncover annual expenses that might only renew once a year. It's best to do a subscription audit at least once a year. You can set up a calendar reminder in advance, too, so that you don't forget. I did a subscription audit myself at the end of the 2021 and was able to cut out just under $60 from my monthly budget. This included monthly charges for a streaming service and an exercise app that I barely used, along with a forgotten video editing app that only renews once a year.More from this series:
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