Have you ever noticed a recurring purchase on your credit card and thought, “Whoa. I didn’t realize I was still paying for that.” If so, you’re not alone. These days, most people have recurring payments and subscriptions set on autopilot, making it all-too-easy not to notice what you’re paying for and how much you’re spending.
This phenomenon has become even more acute with the popularity of phone apps. In just a click, you can subscribe to something that, next month, you’ll have forgotten all about!
That’s why it’s important to review all your recurring purchases and subscriptions annually and decide if you still want them. And, the end of the year is the ideal time to do that.
So take a moment this month to review your:
• Phone app subscriptions.
• Subscriptions to online tools.
• Traditional subscriptions (such as to a newspaper or magazine).
• Recurring payments of any kind.
Be sure to check purchases that renew annually rather than monthly. Those can be easy to miss!
As you review each purchase, ask yourself, “Do I still want this?” If the answer is yes, find out if there is a less expensive option that will work for you. Some online tools, for example, have subscription levels. You might be paying for the Premium level when the cheaper Basic level would be just fine.
This simple review can potentially save you a lot of money in the new year.
