It's Time to Audit Your Autopay Subscriptions

On average, Americans spend $77 each month (or $924 annually) on subscriptions, according to a recent survey. But how many of those subscriptions are really adding value to our lives, and how many are set to autopay and simply slip through the cracks every month? From streaming entertainment and fitness apps to meal delivery kits and software tools, if you’re not sure what you’re spending every month on subscriptions, it's time for a personal audit.

Why you need to audit your subscriptions

While subscription services offer convenience, they can silently drain your bank account when left unchecked. There’s a reason why auto-renewal subscription payments are referred to as “evergreen.” At the end of either a monthly or annual subscription term, these services renew automatically unless you choose to cancel. Of course, this is why they’re so hard to track. If you stop using the service, you tend to forget the service exists and not notice the charges adding up.

Plus, it's all too easy to fall victim to a free trial trap. Many services lure customers with free trials that automatically convert to paid subscriptions. Companies count on you forgetting to cancel before the trial ends, turning your momentary interest into a recurring expense.

Even if you're selective on your end, subscription services frequently raise their prices after you've become dependent on them. These increases might seem small individually, but they add up across multiple services.

How to conduct a subscription audit

Sure, you can download a dedicated subscription tracking service. These apps connect to your bank accounts and automatically identify your subscription services, which you can then track on a custom dashboard. But remember that many of these apps are tiered and additional services might charge you a monthly fee, which makes them… yet another autopay subscription service. Here's how to conduct an audit on your own, for free.

Track down all your subscriptions

The first step is to identify recurring charges on your credit card, debit card, or online banking accounts. Set aside an hour to list all of your monthly and annual subscription expenses for the past year. Don’t recognize a few of them? Or maybe there’s a service you like but rarely use? Go ahead and cancel those. Create a calendar reminder for yourself to do this every month or so if you really want to stay on top of it.

Some charges might not be easy to pin down, so you need to play detective using the following steps:

• Review the last three months of credit card and bank statements

• Check your email for subscription confirmations and receipts

• Look through your app store subscriptions (Apple App Store, Google Play)

• Check payment services like PayPal, Venmo, or Cash App

• Review your Amazon recurring orders and subscriptions

Don't forget annual subscriptions that might not appear in recent statements.

Create a subscription tracker

Now it's time for a spreadsheet. For each subscription, document:

• Service name

• Monthly/annual cost

• Billing date

• Last time you used the service

• Whether it's essential or non-essential

This visual representation helps you understand your total subscription spending and identify potential cuts.

Evaluate each subscription's value

Assuming you're not going full scorched-earth, you'll need to evaluate each subscription to see if it makes the cut. Ask yourself these questions for each service:

• When was the last time I used this?

• Does this subscription save me money compared to pay-per-use?

• Could I downgrade to a cheaper tier?

• Is there a free alternative that would work nearly as well?

• Does this subscription meaningfully improve my life?

Be honest about which services truly add value, versus those you keep out of habit or inertia.

Take action: Cancel, pause, or negotiate

For services you decide to keep:

• Mark renewal dates on your calendar

• Look for annual payment options that might offer discounts

• Contact customer service to negotiate better rates

For those you don't need:

• Cancel immediately (don't wait until the next billing cycle)

• Take screenshots of cancellation confirmations

• Remove payment information when possible

The bottom line

Think about it like this: Even cutting just $50 in monthly subscriptions saves $600 annually. I recommend implementing an ongoing system. Schedule quarterly subscription audits on your calendar, enable notifications for all subscription charges, and even consider a dedicated credit card for subscriptions to easily track spending.

Take an hour this weekend to audit your subscriptions. Your future self (and bank account) will thank you.