How Invisible Subscriptions Eat Up Your Money And How To Monitor Them

In today’s digital age, online subscriptions have become an integral part of our lives. Subscriptions to streaming services like Netflix and Amazon Prime offer access to services we love. But you must note that these recurring payments can quietly drain your bank account if left unchecked.

For many Indians, managing personal finances is a priority, yet these "invisible" subscriptions often slip under the radar. Today, we will explore how these subscriptions add up and what the practical steps are to monitor and manage them effectively.

People often sign up and pay for streaming services and other online services. They are easy to ignore and forget because they are small payments. 

Individually, they seem insignificant, but when you have multiple subscriptions, for example, for OTT platforms, music apps, or fitness services, the total can easily run into thousands of rupees annually. Most subscriptions automatically renew, quietly deducting money from your account. Free trials that require your card details are notorious for converting into paid plans without a reminder.

As your income grows, you might sign up for premium services without reassessing their value.

Unchecked subscriptions can disrupt financial goals, whether it’s saving for a home, a child’s education, or a festive celebration like Diwali. The shift to digital payments via UPI, debit cards, or credit cards makes these transactions seamless but also easy to forget.

1. Review Your Bank And Card Statements

You must check your bank account or credit card statements for recurring payments. Look for small, regular deductions that might indicate a subscription. An app may list recurring transactions separately.

You can use the search function in your banking or payment app to filter for keywords like "subscription” or the name of a service.

2. Use A Subscription Tracking App

You can download an app to track your subscriptions by linking to your bank accounts. These apps categorise recurring payments and alert you about unused services.

3. Check Your Email

Search your email inbox for terms like “subscription,” “renewal,” or “payment confirmation.” Services often send automated emails when you sign up or renew.

4. Audit Your App Store And Play Store Subscriptions

On your smartphone, go to the Google Play Store (Android) or App Store (iOS) and check the subscriptions section. This will list all apps you’re paying for through these platforms.

5. Set Calendar Reminders For Free Trials

When signing up for a free trial, set a reminder on your phone or calendar a few days before it ends. This gives you time to cancel if you don’t want to continue.

6. Cancel Unused Subscriptions

Cancel subscriptions you haven’t used in the last 30 days. For example, if you’re not watching a streaming service regularly, pause or cancel it until a new show comes up that you love.

To conclude, invisible subscriptions may seem harmless, but they can quietly erode your savings. By regularly reviewing your bank statements, using tracking apps, and being proactive about free trials, you can reclaim control over your finances. For many Indians, these savings can go towards mutual funds, SIPs, or even small indulgences like a family dinner.