Why a subscription check is worth it
Subscriptions are convenient: once you sign up, they keep running without you having to think about them. That is exactly what makes them easy to overlook. A streaming service here, cloud storage there, plus your phone, the gym and an app you tried out months ago.
The calculator adds everything up and converts yearly amounts to a monthly figure. That way, you see at a glance what your subscriptions cost together – and which one makes up the biggest share.
How to find all your subscriptions
The most reliable source is your bank statement for the last twelve months. Look for recurring payments with the same amount. Also think of your credit card and payment services, which many app and streaming subscriptions run through.
Yearly subscriptions are especially easy to forget because they only show up once a year: insurance, club fees, software licences, memberships. Subscriptions in app stores are worth a look too – there is usually an overview of all active subscriptions there.
Trial subscriptions are a case of their own: many turn into a paid subscription automatically after a free trial. Note the end of the trial when you sign up – or cancel straight away if you only want to try it out.
Example: small amounts turn into a yearly total
Say you pay €13 a month for streaming, €10 for music, €3 for cloud storage, €30 for the gym and €60 a year for an app. That’s €61 a month – or €732 a year.
The example is made up. The point is a different one: only the yearly total shows what you are actually deciding about.
Keep, switch or cancel?
Not every subscription has to go. Ask yourself three questions about each one: Did I use it last month? Can I get the same thing for less, for example on a yearly plan or as a family subscription? Would I sign up for it again today?
Some subscriptions can be paused or switched to a smaller plan. Others make sense to share within the household. And sometimes cancelling is simply the best answer.
Before you cancel, check the notice period. Many subscriptions can be cancelled monthly, others have a minimum term. The notice period calculator shows you the date you need to cancel by.
Once a year: the subscription check as a routine
A fixed date each year makes the subscription check easy – for example in January or when your tax return is due. Go through your list, compare it with your bank statement and note for each subscription the date you would need to cancel by.
Also think of contracts that nobody calls a “subscription”: phone and internet contracts, insurance, club fees, magazines, delivery services with a membership or software that renews every year. They behave like subscriptions and belong in the same calculation.
If you live as a couple or as a family, it is worth looking together. Often each person pays separately, even though a family plan would cost less – or two services cover the same thing.
What cancelling really gets you
A cancelled subscription is more than a small amount less. It is money that becomes free every month. In Wealthbliss, you can assign this amount to a goal – such as a holiday or your emergency fund – and see how much sooner you reach it.