Managing subscriptions: 9 tips to help you save

Notice recurring payments and subscriptions taking up more and more of your budget? You’re not alone. 

It can be hard to keep track of what you’re subscribed to, what you’re still using and when all those free trials end. This guide will help you learn how to better manage your subscriptions and keep your budget in check.

Key takeaways

• Subscriptions can be a convenient way to access various products and services. But over time, subscription costs can add up.

• It’s helpful to regularly monitor your subscriptions to check for price increases and cancel subscriptions you no longer use.

• Tools like Eno, your Capital One assistant, can help you track recent payments so you can see where your money is going and identify subscriptions that you no longer want or need.

Set-it-and-forget-it payment plans can be easy, convenient and affordable ways to pay for your subscriptions. And staying on top of all those recurring charges doesn’t have to be a big hassle. 

Here are some tips for managing your subscriptions to help ensure you’re only paying for the products and services you’re using.

Take some time to review all the subscriptions you’re currently paying for. It might help to calculate the annual cost of each service and then add all those annual costs together. That way, you’ll have a clearer picture of how much you’re spending on subscriptions per year and where you want to save money.

Take stock of how often you’re using each subscription service you pay for. If you find you’re not using some subscriptions enough to justify the cost, it might be time to cancel. Or if there’s a free version of the service, consider downgrading your membership.

Before you sign up for any service, be sure to read the fine print so you know what you’re agreeing to. That way, you’ll better understand things like the service’s cancellation policy, how you’ll be billed and how much you’re agreeing to pay.

When scrolling through a subscription service’s terms and conditions, look out for any boxes that are pre-checked. Sometimes, you might want to opt out of additional features that have been automatically selected for you.

Some subscriptions that offer a free trial might have the trial preset to auto-renew once the trial period ends. So make sure you know how a free trial works before you sign up. If you sign up for a free trial and don’t want to continue subscribing after it ends, add a reminder to your calendar to cancel before the trial ends.

For usage-based subscriptions or apps that allow in-app purchases, you may be able to set restrictions on how much you can spend so that you—or anyone else using your subscription, like a child—don’t accidentally spend more than you mean to.

Regularly check your debit and credit card statements for changes to recurring subscription charges. You can also look back at your statements after unsubscribing to make sure you aren’t still being charged.

Companies may send renewal notices or information about price increases. So keep an eye on things like your email, mail and in-app notifications to be informed of any changes in subscription pricing. And make sure you know about ways to identify and prevent phishing, too.

Some providers, like certain streaming services, let you share a plan with friends or members of your household. That can help keep subscriptions more affordable.

Charging all your subscriptions to one payment method might help you keep better track of recurring charges. Plus, having all your subscription charges on one card can help you use your credit card to budget.

Using a subscription management app or service can help you stay on top of your recurring charges. Plus, it can help you trim services you’re not using from your budget and alert you to price increases.

While the best practices above can help you keep tabs on your subscription spending, Capital One offers a number of digital tools that may make tracking all those charges even easier.

Eno is one tool Capital One cardholders can use to stay on top of recurring charges and subscriptions. Here are a few ways Eno can help you look out for your money and manage subscriptions:

• Eno can let you know if a duplicate charge is spotted on your credit card account. That way, if you didn’t expect it, you’ll be able to look into the charge right away.

• Eno can alert you if your card is declined. If a payment doesn’t go through for a subscription, Eno can let you know so you can quickly update your payment method or check for potential fraud on your card.

And that’s not all Eno can do. Read even more details about all the ways Eno can help you manage your money.

Virtual cards allow you to make purchases online without using your actual credit card number. One of the many benefits of using virtual cards to pay for your subscriptions is that if your actual card number changes, your virtual cards will continue to work, so you won’t need to manually update your payment information.

And you can also use virtual cards to more easily manage free trials or short-term subscriptions. With certain virtual cards from Capital One, you may be able to set a custom expiration date to prevent charges to your account past that date. However, we still recommend you cancel your subscription directly with the merchant to avoid any potential issues.

The Capital One Mobile app also makes tracking your subscriptions easier. You can regularly review your credit card account to see your most recent charges. This can help you spot any charge increases you weren’t expecting and cancel any subscriptions before they renew again.

You can also see a list of all the places you have your credit card on file in one place by signing in to your account on your desktop. Once signed in, navigate to the card account you want to view, select “I Want To…” and then click on “View Recurring Merchants.”

Subscription services are becoming more and more popular. And while $5 here or $15 there may not seem like much at first, these charges can add up quickly. 

But by monitoring recurring charges—and potentially leaning on a service or an app to help you manage your subscriptions—you can keep more money in your wallet and only pay for the subscriptions you use. For help managing your subscriptions, download the Capital One Mobile app today to chat with Eno or access your virtual cards.