Are Subscription Monitoring Apps Worth It?

The world has gone subscription crazy. You can sign up for almost every service known to man, and probably a few that haven’t been invented yet.

It’s fast, convenient and oh-so-easy. So easy that subscription services can imperceptibly drain hundreds and even thousands out of your bank account.

Millions of consumers have been lulled into forgetting they even have subscriptions. Instead of a one-time fee, services want you to pay month after month after month. Money slowly and quietly seeps away.

That would be a problem in normal economic times. With high inflation, it’s turning into a drain few can afford to ignore.

There is a simple way to patch the leakage. Apps have come along that identify and track your subscriptions. When you see you have 17 of them (which the average Millennial does), you might be shocked into cancelling a service or three.

Certain apps will even do that for you. But beware, some require a monthly fee.

Yep, you’re buying a subscription service to get rid of subscription services. It sounds counterintuitive, but don’t laugh it off just yet.

How Subscription Services Can Add Up

In a survey by C+R Research, consumers were asked to guess how much they spend a month on subscriptions. The average was $86.

When they were asked about subscriptions in specific categories, the actual amount was $219. That’s $133 in undetected leakage a month. That’s almost $1,600 a year, not counting the credit card interest charges.

Almost 90% of subscriptions are automatically deducted, according to the survey. Almost 45% of respondents said they were still being charged for subscriptions they never use.

Unless you’re a shut-in with insomnia, there aren’t enough hours in the day to get your money’s worth. What’s worse, it can be a hassle getting out of the contract even if you do realize you’re being taken for a subscription ride.

Some services intentionally confuse users who are looking to quit. The apps have convoluted cancellation procedures and offer more “free trials” that convert into paid subscriptions after a few days.

What’s a consumer to do?

Subscription Solution No. 1

If you think it’s silly to get a subscription service to get rid of subscription services, you can do it yourself. That’s feasible if you’re detail-oriented and financially disciplined.

If you’re motivated to escape, take these steps:

Check your bank and credit-card transactions every day. It will take a few weeks for recurring charges to cycle through. Red flag each one and decide if it fits into your budget or you haven’t used it since the Obama Administration.

Contact the ones you want to drop. The process should be simple, but you should be ready for a runaround or two or 12. Continue daily monitoring of your transactions for at least a month, to make sure you’re no longer being dinged for subscriptions you don’t want.

Subscription Solution No. 2

Have somebody fight the battle for you. Apps scour your spending activity and identify recurring charges. Some will negotiate to have your fees reduced or cancel the subscription.

There are plenty of good money apps out there. Here are a few to consider:

• Rocket Money – Formerly Truebill, this app connects to your bank and credit card accounts to identify recurring charges. It offers budgeting tools, credit score tracking, and subscription cancellation. Free to use with limited features, but premium tiers range from $6 to $12 per month (pay-what-you-want model). For bill negotiations, Rocket Money keeps 35–60% of the first year’s savings.
• Hiatus – The free version allows you to track streaming services. There is a premium version for $9.99/month or $35.99/year that can cancel or negotiate bills.
• Trim by OneMain – Identifies recurring charges and sets up a dashboard for monitoring. It’s not a mobile app and must be accessed via web browsers. It is free but Trim keeps 33% of any savings you receive.
• Subby – A free Android app that requires you to manually enter recurring subscriptions. It then tracks the payments and notifies you of impending charges. A $2.99-per-month version removes ads and automatically backs up data to Google Drive.
• Bobby – An app similar to Subby, but it is only available for Apple users on IOS. You can manually input your subscription services by selecting from the presets or inserting the information yourself. The paid version, available for $2.99 as a one-time app purchase, allows unlimited tracking.

Are Subscription Monitoring Apps Worth It?

Life goes by fast. People have been saying that for centuries, but your great-grandparents couldn’t sign up for DashPass and eat Carrabba’s while playing Mortal Kombat via their Xbox Game Pass.

With the digital revolution, it’s easier than ever to forget where your money’s going. Subscription services can be great, but they bank on customer forgetfulness.

The subscription economy generated $1.9 trillion in 2023. It’s estimated that will hit $4 trillion by 2033. It’s safe to say a chunk of that will be for services people never used.

If you don’t want to contribute to the Forgetfulness Fund, you have to keep track of all your financial transactions and be on a constant lookout for questionable charges. Such diligence is not a problem for some people.

If you’re not one of them, consider subscribing to a subscription service that eliminates subscription services. As screwy as that sounds, it might be the subscription you ever make.

The Subscription Trap

The pandemic turbocharged the subscription industry. Consumers ordered in food and gorged on streaming services.

What’s not to love? Subscribe, and all the necessities of life can appear at your doorstep. The money is charged to your credit or debit cards, and it gets lost amid all the other bills on a monthly statement.

HBO Max – $9.99. Never mind that you haven’t watched a show since “Game of Thrones” went off.

Home security monitoring – $17.99. Never mind that you moved into a building with a doorman posted 24 hours a day.

Shave Club – $9.50. Never mind that you haven’t used a razor since getting that $199 Norelco shaver for Christmas.

Meat delivery plan – $11. Never mind that you’ve become a vegan.

MasterClass – $15.00. Never mind you don’t have time to master DJing.

Services charge a flat fee whether you order anything or not. So many times, you are essentially paying for nothing.