Financial wellness expert Clare Seal, founder of the @myfrugalyear Instagram community (Supplied photo)
The subscription economy is a rapidly growing industry, projected to reach $1.5 trillion worldwide, as stated by UBS. Surprisingly, many individuals continue paying for subscriptions they no longer utilize. In fact, C+R Research found that 42% of people have forgotten about their subscriptions but still pay for them.
To shed light on this issue, DailyMail.com spoke with Clare Seal, a financial wellness expert and the founder of the My Frugal Year Instagram community. Seal emphasizes the importance of being cautious when signing up for subscription services and shares clever tech hacks to cancel unnecessary subscriptions.
Seal advises, “When signing up for any free trial, ensure that canceling is as easy as the sign-up process, preferably online. Otherwise, you might forget or become too busy to cancel and end up paying for a subscription you don’t use. Additionally, make it a habit to set a calendar reminder the day before renewal to cancel or renegotiate.”
Seal introduces the concept of “soft quitting,” a method to save money on subscriptions while still enjoying the services. She explains, “If you want to continue using a service but don’t want to pay full price, try ‘soft quitting.’ This involves starting the cancellation process but accepting an offer to remain subscribed. This technique works well with certain streaming subscriptions, especially in today’s market.”
In order to track down forgotten subscriptions, Seal suggests utilizing the features of your phone’s operating system. For iPhone users, she advises checking the App Store app to locate and cancel subscriptions. Android users can achieve the same by accessing the Google Play Store and navigating to the “Payments and Subscriptions” section.
You can track down and cancel subscriptions via the App Store app (Apple)
Seal also recommends utilizing banking apps or specialized subscription apps to monitor and manage your subscriptions. Many modern banking apps, like Bank of America’s virtual assistant Erica, can automatically detect recurring expenses and notify you if there is any increase in payments.
She suggests, “By using these apps, you can calculate your total monthly/yearly spending on subscriptions, which can be an eye-opener. After reviewing, consider the value you derive from each subscription and cancel or pause the ones that don’t provide sufficient value.”
The AskTrim app helps you home in on unwanted subscriptions (AskTrim)
Furthermore, Seal suggests searching through your email to identify and unsubscribe from paid subscriptions. Typically, subscription providers send regular billing notifications via email, making it easier to locate and cancel these subscriptions. By using simple search queries like “subscription billed” or “subscription receipt,” you can quickly identify the subscriptions that require cancellation.
In conclusion, being mindful when signing up for subscriptions, utilizing tech hacks to cancel unwanted subscriptions, and regularly reviewing your expenses can help you save money and efficiently manage your subscriptions.
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