You may be spending far more on subscriptions than you realize. The average customer now has five retail subscriptions for products like beauty, apparel, or wine, as well as nearly five paid streaming subscriptions, ranging from Amazon Prime to Spotify and many more services. According to a C+R Research research, when asked how much they were paying, respondents underestimated their subscription expenses by an average of $133 per month, or $1,596 per year. A subscription management app could be the solution for customers who need assistance tracking and canceling their payments. In this post, we will define Subscription Manager and provide a list of the best free Subscription Management apps.
What is a Subscription Management App
A subscription management app tracks your bank account activities to detect and alert you of recurring costs. In general, these apps are free and include a few extra functions, such as budget tracking tools. However, customers must provide access to a large amount of personal data, and you must often upgrade and pay a price to have the apps cancel your subscriptions for you.
Typically, the following steps are required to set up a subscription management app:
- Install the app. Some subscription managers can be accessed via a web browser.
- Connect your account(s). You may be needed to link a checking account, but you can also add additional accounts. The app can identify more subscriptions as you add more.
- Verify your accounts’ authenticity. Enter your financial account login information and complete any additional steps needed to verify your identification.
Are Subscription Apps Truly Beneficial?
A subscription management app does something that you can do for free: They go over account statements and look for reoccurring charges.
While many people ignore these costs, nearly half of all consumers understand when and how to terminate a subscription. According to a Deloitte survey conducted in 2023, 46% of consumers who utilized streaming services quit at least one of them in the previous six months, with 43% canceling on the same day they realized they didn’t want the service.
A subscription manager, on the other hand, might remind you to unsubscribe and save you the bother of monitoring each of your bank accounts (although routinely reviewing your account statements is a critical practice for effective money management).
Most apps also contain budgeting capabilities, however, they are largely identical to those found in many mobile banking apps. And such budgeting tools aren’t really useful until you link all of your financial accounts and take the time to classify and track different spending categories.
Using an app to manage subscriptions also carries some security risks:
- Disseminating sensitive information. Bank account numbers and credit card numbers, as well as Facebook account information (if you want to log in with your social media account) and multiple passwords, can all be saved in the app’s database, posing a significant security risk to users.
- Data is distributed to multiple parties. Most apps utilize cookies to track user behavior, including data such as web browsing. However, in-app ads and other third parties, such as Plaid—a technology often used by other firms to connect your bank account to other applications and safeguard your bank account information off-site—will track and keep user information as well.
Subscription Manager
A subscription manager is a program or software that assists consumers in managing their subscriptions to various services or goods. It allows customers to manage their subscriptions, track payments, and cancel or renew subscriptions as needed.
A subscription manager can operate as a standalone program or as part of a larger software platform. Users can often add, remove, or change subscriptions, monitor impending payments, and receive notifications when a membership is about to expire or a payment is due.
Some subscription management apps also include budgeting and spending tracking functions, which can help customers keep track of their expenses and manage their subscriptions more effectively.
Best Subscription Management App
Many smartphone users rely on digital subscriptions for entertainment, physical fitness, and social interaction. Most streaming services, gym clubs, and dating apps allow you to sign up in minutes or seconds and charge you monthly or annually.
However, those automatic payments can build up to a sizable amount. According to a recent poll conducted by C+R Research, a Chicago-based market research organization, the average consumer spends $219 per month on subscription services. Though you undoubtedly thought each subscription was a good idea when you signed up for it, you may currently be paying for those that you no longer use.
You could go through your credit card statements and cancel them one by one, but a subscription-management app can save you time. You may save money and time by using one of these six subscription management tools.
#3. Rocket Money
Rocket Money is a credit card or bank statement monitoring tool that allows you to view and control your subscriptions from a single dashboard. You can cancel subscriptions on your own or have Rocket Money do it for you if you use its paying service.
Other Rocket Money features, such as a subscription cancellation concierge, real-time account balance updates, and unlimited budgeting categories, are also available for a fee.
Cost: The app is free to use, but if you want Rocket Money to cancel subscriptions on your behalf, you must pay up for a premium subscription option, which ranges between $3 and $12 per month.
Availability: Google Play (4.4 stars), Apple App Store (4.4 stars)
#2. PocketGuard
PocketGuard can be linked to your bank account, credit cards, loans, and investments. It uses these to generate a pie chart-style snapshot of your income and expenses. You can also get a list of your bills and subscriptions, which you can use to discover and cancel any memberships that you no longer use.
Another aspect of the program is a computation of how much money you have left over after paying your monthly bills, which can assist you in sticking to your budget and saving money.
Cost: The app is free to use to view your credit card or bank account transactions. Additional capabilities, such as the ability to define savings goals and create infinite budget categories, are available for a fee. Paid subscriptions cost $7.99 per month, $34.99 per year, and $79.99 for life.
#3. Mint
Mint is a personal finance and budgeting tool that lets you manage your credit cards, loans, and assets. It can notify you when the costs of your subscriptions rise and identify those you don’t use. Apple users can cancel subscriptions directly from the app’s paid version.
You can also track your spending, set custom budgets, receive bill reminders, and calculate your net worth using the app’s basic version. TransUnion will also provide you with free access to your credit score and credit monitoring.
Cost: Many of Mint’s features are free, and an Apple-only premium alternative with no adverts and a subscription cancellation service is offered for $4.99 per month.
Availability: Google Play (4.3 stars), Apple App Store (4.8 stars)
#4. Bobby
Bobby’s main aim is to keep track of your recurring subscription expenditures, unlike many other subscription management apps that include a variety of additional budgeting features. You can select among popular subscription services or create your own, and the costs of popular ones are immediately displayed in the app.
You can make the list easier to read by changing the color of each item and arranging the things whichever you want. When a bill is due, the app will notify you. Bobby does not yet have an Android version.
Cost: You will have free access to a limited number of subscription listings. A 99-cent in-app purchase grants access to unlimited listings.
Availability: Apple App Store (4.1 stars)
#5. Subby
Subby is an Android software that displays a list of your subscriptions, monthly expenses, and which credit card is charged for each one. You can add as many subscriptions as you want to the list. The app displays the total of your monthly charges and can notify you when bills are due. Using a Google Drive account, you may back up your subscriptions to the cloud.
Cost: Free, but you must put up with display advertisements. The ad-free edition is $2.99.
Availability: Google Play (4.2 stars)
#6. Trim
Trim is a web-based tool that searches your bank or credit card records for recurring subscription expenses and can cancel any unused subscriptions for you. It can also be used to negotiate cheaper electricity costs and better insurance rates on your behalf.
Trim works by customers uploading a photo of a bill or connecting their bank account or credit card. Trim then examines the charges and makes savings recommendations to users. Trim’s website claims that it has negotiated over 800,000 invoices for its customers.
Cost: Trim does not charge you to cancel your subscriptions, but it does charge a lump sum of 15% of the money saved by the service annually for successful bill negotiation.
Availability: Trim is not yet available on Google Play or the Apple App Store. You can sign up using your Google or Facebook account, or you can enroll using your email address on the Trim website.
Is there an app to manage all my subscriptions?
Yes, some apps can help you manage your subscriptions in one spot. Here are some popular choices:
- Truebill
- Mint
- PocketGuard
- SubscriptMe
- Bobby
How do I manage my paid subscriptions?
Keeping track of your paid subscriptions might assist you in staying on top of your costs and avoiding unwanted charges. Here are some pointers on how to manage your paid subscriptions:
- Consider an inventor.
- Examine each subscription.
- Make a budget.
- Make use of a subscription management app.
- Cancel any subscriptions that are no longer needed.
- Keep track of your payments.
You can properly manage your paid subscriptions and keep on top of your expenses if you follow these recommendations.
What is subscription management software?
Subscription management software is a sort of software that assists organizations in efficiently managing their subscriptions. It includes tools and features for managing the full subscription process, from customer acquisition to invoicing and payments, as well as membership renewals and cancellations.
What is paid subscription app?
A paid subscription app is a mobile app that needs users to pay a recurring cost, usually monthly or annually, to access its features and content. These apps provide users with a better experience as well as access to special material or features that are not available in the app’s free version.
Streaming services such as Netflix, Spotify, and Hulu are examples of paid subscription apps because they require users to pay a monthly charge to access their content. Other examples are productivity applications such as Evernote, which provides extra functionality and storage for paying customers, and fitness apps such as Peloton, which require a subscription to access workout sessions and coaching.
Is Rocket Money legit?
Yes, Rock Money is a legitimate budgeting app by Rocket Companies. The mobile app is available for download from the Google Play Store and the Apple App Store.
How do I clean up my subscriptions?
Cleaning up your subscriptions can help you save money, decrease clutter, and keep your finances in order. Here are some suggestions for cleaning up your subscriptions:
- Make a list of all the subscriptions you have.
- Examine each subscription.
- Cancel any subscriptions that are no longer needed.
- Consolidate subscriptions
- Make a budget.
- Make use of a subscription management app.
You may efficiently clean up your subscriptions and keep on top of your expenses by following these methods.
What app cleans out subscriptions?
There are various subscription management tools available to assist you in cleaning up your subscriptions. Here are some popular choices:
- Truebill
- Trim
- SubscriptMe
- Bobby
These are just a few examples of subscription management apps that might assist you in cleaning up your subscriptions. It’s a good idea to do some research and experiment with many possibilities to find the one that works best for you.
Conclusion
An app that provides a full overview of your digital subscriptions can help you become aware of those that you no longer use, as well as save you time going through your bank or credit card accounts. Many are user-friendly and free, while others offer additional money management features for a little fee.
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