NASHVILLE, Tenn. (WTVF) — If saving money is one of your New Year’s resolutions, a great place to start is by canceling subscriptions you’re paying for but not using!
Think streaming services, music apps, even meal kits—there’s probably something you can cut and it's not hard to cancel most of these services and keep more money in your pocket.
Yuanith Juarez says she’s been cutting back on unnecessary expenses, including subscription services.
“Some of them I’m not using and it’s just wasting money,” said Juarez.
Free trials, from streaming to fitness apps and delivery services, can quickly turn into monthly bills if you’re not careful.
Consumer Reports recommends setting a cancellation reminder in your phone’s calendar. Do it when you sign up for a free trial so you won’t forget, and your credit card won’t be charged. If you’ve agreed to an auto-renewal, you will likely get charged unless you take action.
If you keep the membership after the free trial, watch out for price increases. Companies may raise rates once a promotional period ends. If the cost is higher than expected, threaten to cancel and ask for a discount.
“There are tracking tools that can help you find and cancel services, but use caution," said Consumer Reports' Lisa Gill. "You may need to give them access to your accounts, so read their privacy policies carefully.”
Review your credit card statements from the past year to check recurring charges—this is another great way to spot forgotten subscriptions.
That gym membership giving you a hard time canceling? There’s good news: a new rule from the Federal Trade Commission that goes into effect in May will require companies to cancel a subscription just as easily as signing up, so you shouldn’t have to jump through hoops to cancel.
“After canceling a subscription, keep an eye on your bank or credit card statements," said Gill. "If a company keeps charging you anyway, file a chargeback dispute with your bank or credit card company.”
And review your paid apps: Check your active subscriptions in the App Store or Google Play Store and cancel any you no longer need.
It is an easy way to cut costs and save money well into the new year.
And remember, if something feels off — like a subscription you don’t recognize or a renewal notice asking for personal information — it could be a scam. Be careful; don’t click suspicious links or share your financial details.
Do you have more information about this story? You can email me at jennifer.kraus@newschannel5.com.
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