While many people let these charges go unmanaged, nearly half of all consumers know exactly when and how to cancel a subscription. Subscription management apps do something you can do yourself for free: They review account statements and identify recurring charges. Enter your financial account login credentials and follow any additional required steps to authenticate your identity. The more you add, the more subscriptions the app can identify. You may be required to link a checking account, but you can choose to add other accounts, too. Note that some subscription managers can be used in a web browser. Setting up a subscription management app usually requires these steps: But users have to grant access to a lot of sensitive data, and you typically have to upgrade and pay a fee to get the apps to cancel your subscriptions for you. Generally these apps are free and come with a few complimentary features, such as budget tracking tools. Subscription management apps monitor your financial account transactions to identify and notify you of recurring charges. When asked how much they were paying, consumers underestimated their subscription costs by an average of $133 a month, or $1,596 per year, according to a study by C+R Research.Įven worse: The same poll found that 42% of people had stopped using a subscription but forgot they were still paying.įor consumers who want help tracking and canceling those payments, a subscription management app could be the solution. You might be spending a lot more on subscriptions than you think.įrom Amazon Prime to Spotify and countless other services, the average consumer now juggles five retail subscriptions for items like makeup, clothing or wine, and nearly five paid streaming subscriptions.
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