Subscriptions

•

Subscriptions •

Money Traps Overview
Impulse Spending
Transportation

Subscriptions:

One “money eater” that we tend to be less aware of are our subscriptions. They may seem small, but they quietly drain your money every month without you noticing. They often auto-renew, which means you’re charged automatically–even if you’re not activity using the subscription. While $5 here or $10 there doesn’t seem like much, it adds up fast. Being aware of your subscriptions can save you hundreds of dollars a year.

How to manage your subscriptions:

For iPhone users: go to settings —> tap your Apple ID profile —> subscriptions

For Android users: go to Google Play Store —> tap profile icon —> payments and subscriptions —> subscriptions

6 Subscription Management Tips:

1.

Use apps like Rocket Money or Mint

  • These apps track and categorize your subscriptions so you don’t have to remember everything

2.

Set alerts for recurring charges:

  • Most banking app let you set up alarms for recurring payments - this is super helpful for avoiding surprises!

3.

Monthly Subscription Check-Ins

  • Set a reminder to review your subscriptions monthly. Ask yourself: Do I still use this? Is it worth the cost?

4.

Share the costs

  • Split subscriptions with friends or roommates if possible!

5.

Mark your calendar for when free trials expire

6.

Use student discounts

Subscriptions to watch out for:

Streaming Services:

Netflix, Hulu, Spotify, Disney+, etc

In-App Subscriptions:

Add-ons for games, social media features, editing tools

Online Shopping Memberships: Amazon Prime, Instacart Express, DoorDash Pass

Free Trials that Convert to paid programs:

Study tools, photo editing apps, productivity apps

Magazines/News:

The New York Times, Vogue, the Skimm, digital magazine subscriptions

If you do decide to keep a subscription, make sure that you maximize the value you are getting! Look into all of the potential packages and perks you can take advantage of.