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.
Consumer Reports shares easy tips to help you navigate the cancellation process and keep more money in your pocket.
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 when you sign up for a free trial. This will prevent you from forgetting and prevent your credit card from being charged.
However, if you’ve agreed to an auto-renewal, you will likely be 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. 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.
Is that gym membership giving you a hard time canceling? 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, check your bank or credit card statements. If a company keeps charging you, file a chargeback dispute with your bank or credit card company.
Remember, if something does not look familiar, like a subscription you don’t recognize or a renewal notice asking for personal information, it could be a scam.
Be careful not to click on any suspicious links or share your financial details