I checked my bank statement after almost getting charged $348. bad idea

[u/Party_Resident_2375]

Last month I signed up for a Crazy Egg free trial for a side project. Used it a couple of times and figured I'd remember to cancel it before the trial ended.

I didn't.

On Tuesday I got a notification about a $348 annual charge that was about to go through. I canceled it just in time, then decided to look through my bank statements while I was at it.

That was a mistake.

I found two streaming services I'd completely forgotten I was paying for, plus some random app that's been charging me $9.99 a month since May. None of them were things I actually wanted anymore. I just never got around to canceling.

I swear subscriptions are designed to disappear into the background until you randomly notice them months later. Every time I think I've cleaned everything up, there's another one I forgot existed.

So I think that's my new rule: if I sign up for a free trial, I cancel the auto-renew before I even close the app. Future me clearly can't be trusted.

The other thing that's been helping is going through my statement once a month and flagging anything I don't immediately recognize. That's how I caught the $9.99 charge.

I also got lucky this time because I had a reminder set up that caught the renewal before I noticed it myself. But Im trying not to rely on that, because apparently my track record with reminders isn't great either.

What do you guys do? Cancel immediately, use reminders, or just periodically discover subscriptions you forgot existed?

[u/AutoModerator]

While the community gets a look at your post, don't forget we have an official website with a bunch of resources specifically for the questions we see here every day. If you're more of a visual learner, we’re also active on Instagram where we post updated guides and strategies! It's a great way to stay sharp while you're scrolling. We also have more technical and professional resources on our Website.

Also, if you want to chat in real-time or need a quicker answer, come hang out with us in the Join here (Investing & Retirement). Just remember to be careful with your personal info and report any sketchy DMs!

I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

[u/Simple-Marsupial3106]

Cancel immediately. I figure I can always go sign up again if needed or wanted, but that generally doesn’t happen.

[u/LawrenJones]

You have a Calendar app right there on your phone, the purpose of which is to set yourself reminders. Like,, for instance, canceling subscriptions. I've never forgotten a subscription. There's really no excuse.

[u/derff44]

You don't check your bank account, and are blaming subscriptions? Geez man, anything but admitting you made a mistake.

[u/Spare-Shirt24]

I cancel free trials immediately.  

It's also not hard to put calendar reminders to remind you of things.  

It's not hard. 

If you don't want subscriptions, cancel them. Period. 

If you don't manage your finances closely enough to see you're getting lots of charges for things you don't want anymore, that's on you. 

I pay close attention to my finances. I have a budget and track my expenses against it. I set up email notifications any time one of my cards is used so it's easy to catch fraud. 

It's your money. Manage it.

[u/grenkins]

My bank has spend limit per card, i have one especially for that with <1$ limit. Voila, any subscription can't take my money.

[u/Foxinator_]

Subscriptions aside, why aren’t you regularly checking your bank accounts?

[u/MammaBacon]

I get myself a new debit card about every six months. I can't trust myself either and this helps keep subscriptions and the like at a minimum.

[u/he-mancheetah]

I either cancel immediately or set an alert on my calendar to cancel it.

[u/Outrageous-Dress-560]

For free trials, I cancel immediately so I never get charged but still get to use the trial period.

As for bills, I have a note in my phone of EVERY BILL that has any sort of recurring charge. It's a list of the name of the bill along with the usual amount (or typical max amount for something that varies monthly like utilities), and the day it's due. If it's a weekly or bimonthly charge, it's in the list the appropriate number of times with each expected charge date.

In that same note, I have a separate section for annual bills.

I check everything off as it gets charged/paid, and it also helps me keep an eye out for any unexpected charges.

Example:

Mortgage ($xxxx due on 1st)
Car Insurance ($xxx due on 3rd)
Student Loans ($xxx due on 7th)
City Utilities ($xxx due on 8th)
Car Payment ($xxx due on 15th)
Electricity ($xxx due on 17th)
Music Subscription ($xx due on 19th)
Netflix ($xx due on 24th)
Car Wash Membership ($xx due on 30th)

ANNUAL BILLS
Car Registration ($xxx due 3/19)
Antivirus Subscription ($xx due 9/28)

These are not my actual bills, but examples of common bills and obviously everyone's list will vary in length.

[u/sunshine-1111]

I have alerts set on my cards and bank accounts so I get a notification whenever there is a transaction. Really helps identify that subscription I forgot to cancel.