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Americans tend to spend more than they realize on digital subscriptions, which quietly chip away at bank accounts long after a free trial ends. On average, Americans underestimate their monthly spending on subscriptions by $133, according to a 2022 survey.
The truth is that sometimes the fastest way to make money is to stop losing it. You could give yourself an instant raise by canceling forgotten or unnecessary subscriptions.
Key Takeaways
- Hidden recurring charges and forgotten subscriptions can quietly drain hundreds or thousands of dollars from your bank account each year.
- Simple tools and apps can help you spot, track, and cancel unnecessary expenses.
What Is Subscription Creep?
Subscription creep happens when small, recurring charges accumulate unnoticed, quietly draining your account over time. These days, everything from streaming services to software comes with a monthly fee. Each might seem affordable on its own, but the average American now spends $90 a month on subscriptions, according to a CNET survey.
The “set it and forget it” nature of autopay means these charges often slip by unnoticed, especially when they’re buried among other expenses on your bank statement.
Tools That Help Track Your Subscriptions
Rocket Money
Rocket Money is one of the most popular apps for tracking and canceling subscriptions. Once you connect your bank accounts and credit cards, Rocket Money automatically scans your transactions to identify recurring payments and subscriptions. You’ll see a clear list of what you’re paying for each month, including services you may have forgotten about.
The app offers a free version for tracking, but if you want Rocket Money to cancel unwanted subscriptions on your behalf, you’ll need to upgrade to their premium plan, which costs $6 to $12 per month. The cancellation process is simple: Just select the subscription you want to stop, and Rocket Money will handle the cancellation for you, saving you time and hassle.
Bobby
Bobby is a straightforward app (currently available for iOS) that lets you manually enter and track your subscriptions. You simply list all your recurring expenses in the app, and Bobby provides an organized view of upcoming payments. While Bobby doesn’t automatically detect subscriptions from your bank account, it’s a great tool if you prefer to keep a hands-on, manual list. For those who want a simple, privacy-focused solution without connecting financial accounts, this is a good option.
Monarch
Monarch is a comprehensive personal finance app that includes robust subscription management features. It automatically tracks recurring payments, alerts you to upcoming charges, and even helps you monitor your overall spending, investments, and net worth. Monarch’s interface is intuitive, and it works well for individuals and couples managing shared finances. While Monarch charges a monthly fee (about $8.33 per month with an annual plan), it offers a free trial so you can test its features before committing.
How to Do It Yourself for Free
If you’d rather not use an app, you can review your bank and credit card statements yourself. Look for charges that repeat monthly or annually, such as streaming services, cloud storage, or gym memberships. Make a list of these subscriptions, then decide which ones you actually use and value. Cancel any that are no longer necessary by visiting the provider’s website or contacting customer service. This approach requires a bit more effort but it’s completely free and can be just as effective.
The Bottom Line
You don’t always need a side hustle to improve your finances. Often, the most effective strategy is to stop losing money. You can easily save hundreds of dollars annually just by consistently checking your bank statements and canceling any unused or forgotten subscriptions. You can also use apps like Rocket Money, Bobby, or Monarch. You’ll be surprised how quickly these small savings add up.
