Subscriptions are designed to be easy to start and easy to forget. A free trial becomes a monthly charge, an app you used once keeps renewing, and two family members pay for the same service.
Do a twenty-minute review
Go through three months of bank and card statements and list every charge that repeats. Check your phone's app store subscriptions too, since they are often billed separately.
Ask three questions about each
- Did I use this in the last month?
- Would I sign up again today at this price?
- Does someone else in the household already pay for it?
If the answer to the first two is no, cancel. For annual plans, note the renewal date somewhere you will see it a week before.
Add up the yearly cost
A monthly charge looks small. Multiply it by twelve before you decide to keep it. The yearly figure often changes the decision.
Make it a habit
Repeat the review every few months, or use a tool that flags recurring payments automatically so new ones don't slip through.
A worked example
A typical review might turn up six subscriptions that look small on their own:
- Video streaming: AED 35 a month
- Music: AED 22 a month
- Cloud storage: AED 11 a month
- Fitness app: AED 45 a month
- News: AED 30 a month
- A second streaming service: AED 40 a month
Together they cost AED 183 a month, or AED 2,196 a year. If the fitness app and the second streaming service have not been opened in three months, cancelling them saves AED 85 a month, AED 1,020 a year, without giving up anything you use. Your own list will differ; the point is to see the yearly figure.
This article is general information to help you understand your finances. It is not financial, tax or investment advice for your situation.