Ever feel like your money’s sneaking out the back door, thanks to forgotten subscriptions and recurring charges? We’ve been there. Let’s shine a light on those stealthy expenses and take control of your cash flow.
Here are five simple steps to take control of your recurring expenses and keep more money in your pocket:
1. Conduct a Subscription Audit
Start by reviewing your bank and credit card statements to identify all your recurring expenses. You might be surprised to find subscriptions you’ve forgotten about or no longer use. Regularly auditing these charges helps prevent unnecessary spending. Many of these charges will simply say “Apple” on the statement, so open your phone’s settings to purchases and account for the charges. If you find more charges on the statement than inside your Apple account, check with family members who may have set up that subscription with that statement’s credit or bank card.
2. Cancel Unnecessary Services
Once you’ve identified unused, underused, or unauthorized subscriptions, cancel them! This simple step can free up funds for more essential priorities and give you a clearer view of your cash flow.
3. Consolidate and Bundle Services
Look for opportunities to bundle services under family or discounted plans. Many providers offer reduced rates when you combine services, leading to significant savings.
4. Negotiate for Better Rates
Don’t hesitate to contact service providers to negotiate better rates. Many companies are willing to offer discounts to retain customers, especially if you express intent to cancel. Do your homework ahead of the call. Find out what other providers are willing to give you the same service, potentially for less. It puts you in a much better position to negotiate when you have an alternative option.
5. Utilize Subscription Management Tools
Consider using subscription management tools to track and manage your recurring expenses. These tools can alert you to upcoming charges and help you cancel unwanted services with ease.
Here are a few examples worth reviewing:
At Assurance Family Partners (AFP), we know that managing your personal finances, especially the small details like recurring expenses, can make a big impact on your overall financial well-being. Our Daily Money Management services help individuals and families stay on top of their finances, avoid unnecessary spending, and make informed decisions.
Need a hand getting organized? We’re here to help!
Learn more about how we can support you.
Jeremy Zizmor is the founder of Assurance Family Partners, a company whose mission is to assist and empower individuals and families who need help managing their personal day-to-day finances. He is responsible for running all facets of the business.
