Subscriptions are available today for everything from multivitamins to movies, and their cost can quickly add up.
While consumers estimate they spend $86 per month on subscriptions, average monthly spending is actually $219, according to a 2022 study from C+R Research. What’s more, people tend to put subscriptions on auto-pay and then forget about them. In fact, 42% of those surveyed by C+R Research say they are still paying for a recurring monthly subscription they had previously forgotten about.
To avoid this costly mistake, consider using one of the following apps to track subscription expenses. Some will even cancel unneeded subscriptions for you.
— Rocket Money.
— Trim.
— Mint.
— Simplifi.
— Bobby.
— Subby.
— TrackMySubs.
Of course, you don’t need a special app to manage subscriptions. Many banking apps make it easy to monitor recurring payments, and a paper calendar is a time-tested tool for tracking upcoming bills. However, these digital tools may offer additional features not available elsewhere.
[Read: Best Budget Apps.]
Keep reading for a look at what each app offers.
Rocket Money
Cost: Free for the basic app, $3 to $12 per month for premium services. For successful bill negotiation, Rocket Money keeps 30% to 60% of the amount saved.
Features: Previously known as Truebill, Rocket Money makes it easy to view all your subscriptions and due dates in one place. Plus, the app includes budgeting tools and will negotiate lower bills on your behalf.
“I’ve been … very happy with it,” says Jenny Kincaid Julian, CEO and founder of Kincaid Public Relations & Connections. She signed up for the app when it was still called Truebill, and it saved her nearly $175 on her SiriusXM subscription as well as reduced her AT&T bill. “In addition, I found two subscriptions that I was unaware I still had,” she says.
Once you’ve linked Rocket Money to your financial accounts, it will automatically identify subscriptions and other recurring bills. If there are any subscriptions you no longer want or need, Rocket Money can help cancel them.
Trim
Cost: Free for most services. For successful bill negotiation, Trim keeps 15% of the annual amount saved.
Features: Like Rocket Money, Trim makes it easy to identify and cancel subscription services. However, it does not have a mobile app and is instead accessed via web browsers. Users can create an account using Facebook, Google or their email address.
Andrea Woroch, a money-saving expert and contributor at U.S. News, says parents may find Trim useful to identify subscriptions their children may have activated. “This happened to me before I realized I had to add parental controls (to an account),” she says. “We were paying for a Noggin subscription within our Prime subscription for an unnecessary $7.99 per month.”
After signing up for Trim, users have access to a personal dashboard that can be used to manage subscriptions, negotiate bills and automate savings.
Mint
Cost:Free for a basic account with subscription management, $4.99 per month for Mint Premium with subscription cancellation (iOS only).
Features:Many people are familiar with the free budgeting app Mint, which is available for both Android and Apple devices. It can be linked to multiple bank accounts and credit cards to review spending across categories.
Subscription Management is one of the app’s free, core features, and it identifies and tracks recurring expenses. However, if you want the app to cancel those subscriptions, you’ll need to update to Mint Premium.
Currently only available for iOS devices, Mint Premium will cancel unneeded subscriptions through its partner Billshark. Other features that come with the paid app are spending projections and graphs, which allow users to see how their spending compares to others.
[Read: How to Make a Budget — and Stick to It.]
Simplifi
Cost:$5.99 per month for a month-to-month subscription or $3.99 per month for an annual subscription (billed annually at $47.88)
Features:Simplifi is a budgeting app that can also be used to track subscription expenses.
“Simplifi by Quicken eliminates the difficulty of finding each subscription you’re currently paying for,” says Kristen Dillard, vice president of product management at Quicken. “The app quickly pulls together all of your recurring payments so you can track and monitor your spending on subscriptions across platforms and services and cancel the ones you no longer need.”
The app is ad-free and includes a variety of financial planning tools, including automatic budgeting, spending insights and goal tracking. Simplifi promises that people can stay on top of their finances by spending fewer than five minutes a week using the app.
Bobby
Cost: Free, upgrades cost $2 to $4 and include unlimited subscriptions, filters and other features.
Features:For those who aren’t comfortable linking their bank accounts to an app, Bobby may be an ideal subscription tracker. It allows users to manually input their subscriptions, including the monthly price and billing date.
Bobby supports multiple currencies and makes it easy to see your monthly subscription spending. It will also send payment reminders. In addition to being an affordable option, Bobby’s clean interface makes it easy to read and use. But you’ll need an iOS device to use Bobby since it’s only in the Apple App Store right now.
Subby
Cost: Free basic version, pro version is $2.99.
Features: If you have an Android device, Subby offers a service that is comparable to Bobby. Users can manually enter an unlimited number of subscriptions for free and be notified of upcoming bill dates. It will also total your subscription expenses by month or year.
The free version of this app contains ads, and a paid, pro version includes a widget and automatic backups to Google Drive.
Subby is only available for Android devices but be aware that there exists a different app by the same name in the Apple App Store. That app offers a way to split subscription costs among friends and family.
[READ: Money Saving Challenges to Try in 2022.]
Track My Subs
Cost:Free to track 10 subscriptions, paid plans range from $10 per month for unlimited subscriptions to $30 per month for enterprise plans with multiple users.
Features:Marketed to small businesses, Track My Subs is a website that can be used by consumers as well. Rather than a mobile app, it’s a browser-based platform that allows users to enter their subscriptions, the cost and due date. Multiple currencies are supported, and monthly bills can be converted to your home currency.
Track My Subs allows people to categorize their subscriptions as they see fit, and its calendar view provides a color-coded way to track payment dates. When it comes to spending, Track My Subs offers easy-to-read graphs of your subscription costs.
The Bottom Line
Subscriptions may be a bigger part of your budget than you think, and apps offer one way to rein in costs. However, they are best used in combination with other money-savings strategies.
“Before signing up for a new service, always check to see if there are additional savings first,” Woroch says. “In fact, you may even consider cancelling a current service in favor of a deal offered through … a competitor to keep your subscriptions even cheaper.” She notes websites such as CouponFollow often offer discounts on subscriptions such as Hulu, HelloFresh and Birchbox.
Once you’ve gotten a good deal on your subscription, the apps above can help you keep tabs on it. But don’t overlook the fact that some of these apps have their own subscription costs attached. Make sure the app offers enough value before you add one more monthly expense to your budget.
More from U.S. News
How to Save Money: 10 Expert-Backed Ways
50 Ways to Improve Your Finances This Year
Track and Manage Subscriptions With These 7 Apps originally appeared on usnews.com
Update 11/17/22: This story was previously published at an earlier date and has been updated with new information.
