Checking all your regular expenses is an important part of keeping your finances healthy. Too often, people sign up for a monthly subscription to a gym membership, membership box or premium membership and then stop using it. Without regularly keeping track of what you’re spending money on, you can easily find yourself spending hundreds of dollars a month on things you’re no longer using.
What is a subscription audit?
A subscription audit refers to the process of going through all your monthly subscriptions. Sometimes the hardest part of a subscription audit is figuring out what all the different monthly subscriptions are too. Once you have a list of your monthly subscriptions and how much they cost each month, you can decide which items are still providing you value. Lastly, you can cancel anything you’re no longer using.
Using Mint’s Automatic Subscription Tracking
It can also be hard to figure out what all your monthly subscriptions are for. he is there Mint’s Automated Subscription Tracking Service Comes in. As long as you’re connected to the bank or credit card you use to pay for your subscription to Mint, the automatic subscription tracker will keep track of it. You can view all your subscriptions in one place so that you have better control over your spending. And if prices change, you’ll automatically get a notification—then you can decide whether the higher price is still worth your while.
Check your other recurring bills too
When you’re auditing your subscription, you’ll want to Check Your Other Recurring Bills as well. You may not think of things like your insurance, cell phone or utilities as a subscription, but anything you pay for regularly can be considered a subscription. And while you may never be able to cancel your Internet or cell phone bill, it’s still a good idea to review these types of recurring expenses regularly.
How you check your recurring bills will depend on what type of bill or recurring payment it is. In some cases your sole decision will be to decide whether to cancel or not. For utilities or insurance, you may be able to choose another supplier or renegotiate your bill,
If negotiating your bill sounds like too much work, you’re in luck, with BillShark, a new bill negotiation feature in the Mint app. They’ll negotiate for you and if they don’t save you money, you won’t give them anything.
Being aware of all your finances can help you keep your expenses down and get you in a solid financial position.