Spring Cleaning for Your Bank Account

As February rolls in, New Years’ Resolutions start to drift off your to-do list. This is the perfect time to reset and realign your resolutions. Instead of cleaning out your backpack or promising that you will study more, take this time to review all of your recurring monthly subscriptions. Reconsider the value that they are providing you. As a college student, every dime counts! We are here to help you pocket as much savings as possible.

Let’s face it: no one wants to pay utilities on a monthly basis, but this is a necessity. Stay away from cancelling anything that provides you a financial safety net. This includes auto insurance, college renters insurance, student health insurance, money management apps (that you’re actually using), and more.

In this article, we are speaking more towards those pesky recurring payments for products and companies you once desired. As Marie Kondo, the author of The Life Changing Magic of Tidying Up, would say, “Does it spark joy in your life?” Follow these simple steps to de-clutter your recurring monthly charges.

Step One: Check Your Apple ID Subscriptions

Whether it’s a trivia app or bird-slinging game, everyone has their kryptonite that will make them pay $1.99/mo. for extra lives. You can check your subscriptions by going to settings > your name > iTunes & App Store > Apple ID > view Apple ID > subscriptions.

Step Two: Check Your Entertainment Subscriptions

Notice your monthly streaming subscription hike up in price? Chances are you signed up for a free trial of an added perk and never thought to cancel it. Make sure to think about audiobooks, unlimited eBooks, and music as well.

Step Three: Check Your Online Shopping Subscriptions

When you have a monthly or annual membership fee from an online store for discounted products or free shipping, calculate its worth. Habits change. Perhaps you moved off campus and closer to a grocery store. Many companies will even offer you an incentive to keep the service, thereby lowering it and still saving you money. Some offer student discounts. Make sure you take advantage of these discounts while you still can!

Step Four: Check Your Bank Statements

Now that you’ve cleaned out your online subscriptions, print out two months’ worth of bank statements and highlight the charges you see occur twice. If you don’t recognize a charge, research what the company it is. Was this a free trial you forgot to cancel? Should you keep that gym membership, or use on-campus resources?

It is important to scrub through your financials on a regular basis to ensure that you did not forget to cancel a service you no longer need. Doing so will help you grow closer to achieving your financial goals.

At GradGuard, we know there are some subscriptions that we aren’t ready to give up. One thing that we all subscribe to is the value of protecting ourselves with insurance. It may not give us four hours of Friends repeats, but it does protect the TV that streams it.