How to manage subscriptions and save money

Subscription services aren’t a new concept. Your grandmother might have had a milk delivery service instead of a music streaming subscription, but the concept is the same. Set it and forget it—unless those services stop providing value and become a burden on your budget.

There’s no shortage of tempting subscription services waiting to solve your problems, from streaming platforms providing you with hours of televised entertainment, to meal kits that simplify dinnertime, to handy razor refills. But as the number of options reaches a fever pitch, consumers are starting to develop subscription fatigue. In fact, 39% of global subscribers plan to cancel one or more digital subscriptions in the next 12 months, according to Simon-Kucher, and 43% say they spend too much on streaming services.

Learn how to manage subscriptions effectively and avoid overspending.

Small lifestyle tweaks can help with subscription fatigue

Managing subscriptions can take a little work, but a few minor lifestyle changes will help simplify the process.

Start a conversation

Many families and roommates share subscription services but may not realize there’s room to consolidate further. Openly discuss subscriptions with others in your household—you might uncover a duplicate subscription you can cancel or a family plan that makes more sense.

If you’re married or have a partner, you should regularly review your joint bank account to flag any overlaps. With other friends and family, the practice of loud budgeting is a good way to start talking, stay motivated, and remain accountable while working toward financial goals.

Use your smartphone

While technology makes it easier than ever to sign up for subscription services, it can also help you get out from under them. You should be able to see all active subscriptions in your phone’s account settings or payment management section. Viewing them all in one place can help you identify how much you’re spending on subscriptions—and make it easier to compare your options when deciding which ones to keep and which to cancel.

Set a reminder

Regularly revisiting your budget will help you master the subscription shuffle. Whip out your calendar and plan a recurring date to review your spending and monthly budget. You can also use your calendar to schedule reminders for free trial end dates and upcoming subscription renewals.

Analyze all subscriptions

Is every subscription you have worthwhile? Write down the name and cost of each service to analyze whether you’re using a subscription enough to keep it. For example, it may not be necessary to have accounts for multiple streaming services at the same time. You can always rotate subscriptions in and out, using them during different times of the year.

Use your bank to help manage your subscriptions

When trying to make progress in your financial life, don’t forget that your bank or credit union can be its own kind of subscription management tool, providing resources for flagging your spending habits and making changes as needed. Here are some ways they can help with managing subscriptions.

Skip the subscription-monitoring apps

Subscription-monitoring apps often come with a recurring fee themselves. Instead, make it a point to review your bank statements every month to evaluate your subscription spending.

Make the most of bank resources

Take advantage of features like online banking to track and manage your subscriptions. And ask your bank what other tools and financial education resources they have to help you stay on top of your spending.

Reassess your budget

You don’t have to cancel all your subscription services in the name of financial wellness. If a subscription provides real value and you can afford to keep it, make a regular spot for it in your monthly budget. To get the complete picture of your regular spending, you should do this with all consistent expenses, not just your subscriptions.

Use one credit or debit card for all subscription payments

Managing subscriptions is much easier when you can review all your charges in one place. By using the same card for payments, you can monitor a single monthly statement or log in to one account every week or month. And once you know exactly how much you spend on subscription services each month, you’ll be able to make better budgeting decisions and eliminate services you don’t really use or need. As a bonus, if you lose your credit or debit card—or it expires—it will be easy to see which services require updated payment information.

When it comes to managing subscriptions, stay mindful of what you’re paying for and whether it truly adds value to your life. By making a habit of reviewing your subscriptions, using your bank’s tools, and making minor lifestyle adjustments, you can take control of your finances without giving up the services you enjoy most.

A checking account can help you stay organized and meet your financial goals. And the Discover^® Cashback Debit account allows you to earn rewards while you’re doing it.¹

¹ Earn 1% cash back on up to $3,000 in debit card purchases each month. See Deposit Account Agreement for details on transaction eligibility, limitations and terms.

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The information provided herein is for informational purposes only and is not intended to be construed as professional advice. Nothing contained in this article shall give rise to, or be construed to give rise to, any obligation or liability whatsoever on the part of Discover, a division of Capital One, N.A., or its affiliates.