Controlling spending is key to managing your personal finances. There are many reasons for overspendin<\/a>g and lots of good ways to avoid it.<\/p>\n <\/p>\n It\u2019s all too easy to under-estimate how much you\u2019re spending on subscriptions and recurring payments. A seemingly low monthly fee can make it easy to sign up. Those small sums might seem manageable, but they can soon add up. They can also make it easy not to notice the cash leaking out of your account.<\/p>\n The average person in the US pays $273 a month on subscription services according to one recent survey<\/a>. Most people significantly under-estimate how much they spend on subscriptions. And often by a lot. Some people under-estimated their spending by hundreds of dollars.<\/p>\n Another survey by JP Morgan Chase showed that nearly two-thirds of consumers<\/a> say they\u2019ve forgotten about at least one recurring payment service in the past year. If you\u2019ve got a personal budget you want to stick to, manage subscriptions carefully and switch to prepaid services where possible.<\/p>\n <\/p>\n Subscriptions are often a sales tactic. Companies know that people might think twice when they see a high ticket price. So they offer a solution. They chop that price into little pieces, make it a recurring payment and call it a subscription.<\/p>\n But many subscription services are also available as one-time payments. A classic example is Microsoft Office. Buying a standalone licence might cost \u00a3120. That can seem like a lot if you just want to use Word, Excel and PowerPoint on your laptop. On the other hand, subscribing to Microsoft365 might cost just \u00a36 a month. Which do you go for?<\/p>\n The maths is simple. A standalone version will be cheaper if you plan on using it for more than 20 months. Sure, you may miss out on some new features, but how much is that worth to you? If you use the same version of Word for five years you would save \u00a3240 versus the subscription. Can you even think of the last update to Word that you cared about? This is often the trade-off you need to consider with certain subscriptions. How much are you willing to pay for new features?<\/p>\n Companies often make it easy to find their subscription offer and hard to find the standalone deal. But it\u2019s always worth checking to see if a licence or prepaid service is available. Compare the two and see what works best for your personal budget.<\/p>\n <\/p>\n One of the basic rules for staying safe on the internet is to limit sharing your payment details. Companies have lost billions of user records during the past few years to cyber attacks. Signing up for a subscription often means handing over payments details. And the more subscriptions you have, the more vulnerable you are.<\/p>\n Can you trust all these companies to keep your data safe? Using a prepaid card<\/a> can help keep your data private for subscriptions that you need. Prepaid subscriptions are also an option in some cases.<\/p>\n <\/p>\n Simplify subscription management by following a few simple steps:<\/p>\n <\/p>\n Don\u2019t know where to start with finding all your subscriptions? Don\u2019t worry, it\u2019s easy. First, if you use Apple or Android you can check the built-in subscription manager.<\/p>\n Any subscriptions you\u2019ve signed up for on Android can be managed through Google Play. Click your profile icon and navigate to Payments & subscriptions > Subscriptions<\/strong>. From here you\u2019ll see information about all the services you\u2019re signed up for.<\/p>\n Apple users can manage subscriptions just as easily. Go to Settings and click on your name, then Subscriptions. From here, you can see what services you\u2019re subscribed to, how much it costs and the next billing date.<\/p>\n For any other subscriptions, check your email and bank statements to look for recurring payments or receipts.<\/p>\n <\/p>\n Now it\u2019s time to channel your inner Marie Kondo. Only keep the services that spark joy and ditch the rest. If you\u2019re looking to control spending, be ruthless. Even if you\u2019re not worried about your personal budget, you might find subscriptions you\u2019d forgotten about.<\/p>\n <\/p>\n Services that you\u2019ve subscribed to on Apple and Android devices can be cancelled directly. For Apple users, just click on a service and click cancel. And it\u2019s the same with Google Play, where you\u2019ll also get the choice to pause a subscription.<\/p>\n Other subscriptions will have to be cancelled individually. Check your emails for cancellation links or visit your profile page on the provider\u2019s website. Here are some common examples of how to cancel subscriptions:<\/p>\n <\/p>\n Did you know that you can pay for entertainment services<\/a> like Netflix or Spotify without having to worry about recurring payments?<\/p>\n Using a gift card means there\u2019s no risk of paying needlessly. This is particularly useful for streaming sites with only one or two shows you care about. Just apply the card to your account and binge The Witcher before your credit runs out. You can also do the same for many gaming services<\/a>, including PlayStation, Xbox and Nintendo.<\/p>\n Use this handy calculator to find out how much you could save by switching from automatic renewal to prepaid for your subscriptions:<\/p>\nHow the subscription model can work against you if you’re trying to save money<\/h3>\n
You don\u2019t always have to subscribe<\/h3>\n
Subscriptions and internet safety<\/h3>\n
![\"subscriptions](\"https:\/\/creativegroup-blog-prd-eu-west-1-recharge-blog.s3.eu-west-1.amazonaws.com\/blog\/wp-content\/uploads\/2023\/02\/13121837\/RE-ENGLISH.jpg\")
<\/p>\nHow to manage subscriptions<\/h2>\n
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Find your subscriptions<\/h3>\n
Decide what to keep<\/h3>\n
How to cancel any subscription<\/h3>\n
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Prepaid subscriptions<\/h3>\n