Subscription services have become a regular part of our daily lives — from streaming platforms and fitness apps to meal delivery services and cloud storage. While these services can offer convenience and enjoyment, they can also quietly strain your budget if not regularly reviewed.
At IC Credit Union, we want to empower you with tools to take control of your finances. Conducting a subscription audit is a simple but powerful way to identify unnecessary expenses and ensure your money is being used effectively.
Here’s a step-by-step guide to help you audit your subscription services
1. Create a Comprehensive List
Begin by gathering information on all your active subscriptions. Review:
- Bank and credit card statements from the past three to six months
- Email confirmations and renewal notices
- App store subscriptions (Apple, Google Play, etc.)
Many individuals are surprised by the number of services they are paying for — especially those with small, recurring monthly charges.
2. Categorize Your Subscriptions
Next, organize each subscription into one of three categories:
- Essential (necessary for daily operations or responsibilities, such as cloud storage or security software)
- Valued (enhances your quality of life, such as streaming or fitness apps you use regularly)
- Nonessential (rarely used or forgotten services)
Take an honest look at how often you use each service and whether it provides sufficient value.
3. Cancel or Adjust as Needed
For subscriptions that fall under “Nonessential,” consider canceling or pausing them.
If a service offers a lower-cost plan that still meets your needs, downgrading may also be a smart option.
Be Mindful: some cancellations require multiple steps or advance notice, so give yourself enough time to avoid unnecessary charges.
4. Set Renewal Reminders
Many subscriptions auto-renew annually, often with little notice.
Set calendar reminders a few weeks before any known renewal dates to give yourself time to reassess whether the service is still needed.
5. Explore Bundling Opportunities
You may be able to save by consolidating services.
For example, some providers offer family plans or bundled packages at a discounted rate. Review available options and determine if combining services could lower your overall expenses.
A Quick Note:
There are subscription management apps that can assist in tracking and managing services but always research carefully before linking any financial accounts to third-party tools.
Regularly auditing your subscription services can free up funds for other financial goals — whether it’s increasing your savings, paying down debt, or planning for future investments.
At IC Credit Union, we are committed to helping you make informed financial decisions. If you would like assistance with budgeting, savings strategies, or any other financial planning needs, our team is here to support you.
Thank you for being a valued member.
