4 in 10 people forget to cancel subscriptions for services they no longer use
Check those subscriptions as you might be paying for a service you don’t use.
4 in 10 people forget to cancel subscriptions costing British people £338 million per month.
We’ve all done it, we sign up with the best intentions and then forget about it. Gym memberships, courses on trial or streaming films. Like me, you may be tempted by a free trial but find out later that you are still paying because you forgot to cancel after the free trial ended!
42% of people continue to pay for service they don’t use
A lot of these payments come out by bank direct debit but, which are easier to check by printing off a list of your bank direct debits or going into your bank and asking for a list of your bank direct debits (and standing orders). Direct debit’s and standing orders are easy to cancel at the bank or on your online apps.
However, a lot of online and American companies take recurring payments by credit card which are trickier to cancel and more difficult track unless you religiously check your credit card statement every month.
In my book, you can read about the ‘3 R’s of Money Management’, outlined in Part 3 on ‘How to Grow and Manage Your Money’.
As I’ve said in previous money tips daily podcasts, making money and keeping money are two different skills.
To cancel these, you have to contact the company, which can be difficult if you’ve lost contact details, all the credit card company.
Calling your credit card company, which is a mission in itself, frequently results in them telling you to contact the company and asking them to cancel the subscription. Not very helpful.
They are also reluctant to refund money or reverse the payment when you inform them that it has been taken in error.
That’s why I like using my Monzo Bank card because it alerts me on my phone app every time a payment is deducted from my account. Saved me money recently when click funnels were taking too much money from my account as they had upgraded me without my permission.