How to manage subscriptions that are silently draining your bank account

(This post was originally published on October 11, 2018 and has been updated.)

Unwanted subscriptions can quickly drain your monthly budget. You might be paying for music streaming, video services, podcasts, cloud storage, and various apps without realizing the cumulative cost. While automated payments offer convenience, they also make it easy to accumulate unnoticed subscriptions.

The convenience of automatic payments benefits companies with a consistent income stream, but this ease can lead to accumulating numerous subscriptions without tracking expenses. These seemingly small monthly fees rapidly escalate into significant expenditures.

[Related: One-Click Newsletter Unsubscribing]

Effective subscription management is crucial. While Android and iOS offer built-in tools, third-party apps can provide more comprehensive tracking. Here's how to identify and cancel forgotten subscriptions:

Apple Subscriptions:

Access your Apple subscriptions via Settings > [Your Name] > iTunes & App Store > [Your Apple ID] > View Apple ID > Subscriptions. Verification might be required. Tap a subscription to modify the plan or select Cancel Subscription to terminate future payments. The service remains active until the next billing cycle. Alternatively, manage subscriptions on your computer through iTunes: Account > View My Account > View Account > Settings > Subscriptions > Manage.

Google Play Subscriptions:

Android users can manage subscriptions through the Play Store app > Menu > Payments and subscriptions. Each entry shows billing details and the next payment date. Tap a subscription to update payment methods or Cancel subscription. Cancellation requires re-subscription for future access. Web access is available via the Play Store website: My subscriptions.

Other Platforms and Devices:

Mobile app subscriptions aren't the only source. For Google services (YouTube Premium, Google Drive), use the dedicated Google subscriptions webpage. Microsoft subscriptions (Office 365, OneDrive, etc.) are managed through a dedicated Microsoft webpage.

PayPal users can review recurring payments by logging in, clicking the settings cog, and selecting Payments > Manage Pre-approved Payments. Cancel subscriptions from this list.

Review your bank statements for unrecognized payments to identify forgotten subscriptions. The payment description usually indicates the service.

Apps like Trim and Truebill simplify subscription tracking. These apps connect to your bank accounts (securely) to identify and, in some cases, cancel recurring subscriptions. Trim offers a simpler approach, while Truebill provides detailed spending charts and budgeting tools.

For complete subscription control, combine these methods. Once identified, decide which subscriptions to keep and which to cancel.

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