“Are you sure you want to cancel?” Click yes.
“Are you sure you’re sure?” Click Yes.
“Like, 100% sure?” Click YES.
“For a free month of service, can you define ‘sure’ for me?” …
When you cancel a subscription to a service, the number of times you have to assure the company that you’re really, actually, truly canceling your service might be directly related to a rise in your blood pressure – or to rage-quitting the cancellation process and telling yourself you’ll come back to it later… Will you really come back to it before they charge you for another month?
Here’s a suggestion for a New Years Resolution: Get off of as many automatic renewal plans as you can. At the beginning of a new year, pushing through that annoying cancellation process has the potential to yield some pretty incredible results for your financial strategy.
Why? Because making the decision to take your cash flow back from a piece of plastic can open up more avenues in your financial strategy. When a credit card is involved, all it takes is a quick swipe here or an online purchase or two there before you find yourself in serious debt. Being conscious of the money you bring in and where it’s going can make it easier to save and spend more wisely.
Set yourself up for success in the New Year. Which services show up once a month and raise that number on your credit card bill? Haven’t read a single issue of that magazine since June? What about that meditation app that you keep meaning to use but don’t make the time to? Nix all of those empty charges that are not helping you reach your financial goals.
There are some subscriptions worth keeping, though, like your subscription to a service that provides anti-virus software to your computer. Even in this case, it might be worth it to check around and see if you can get comparable coverage for a more competitive price.
And beware the non-refunders. If you’re subscribed to a service that won’t give you a refund for the remainder of the subscription period, one option is waiting until a day or two before the next auto-payment. But this can be a little risky, especially if you forget to go back and cancel the service before it renews. If you do choose to wring out all the benefits of the non-refunded service, set a calendar reminder or two (maybe three, just to be safe!) on your phone to be sure you go back and cancel before you’re in the hole for another month.
Some companies may try to lure you back in with the promise of a free month or discounted pricing if you don’t cancel right away. Don’t buy into it unless you immediately reset that calendar alarm on your phone. If you can do without the service, push through the temptation and just say no. The benefits of canceling the charge that will continue to come up month after month if you forget to return and cancel outweigh one free month of use.
So pour yourself a cup of chamomile tea and diffuse some lavender essential oil to help you relax. The process of canceling all of those subscriptions could push anyone’s buttons, but just settle into a rhythm of assuring the company a few times that you want out, and you’ll be fine – and potentially better off financially because of it. Even though it may not feel like much to turn off a couple of subscriptions to save $20 a month, it can really add up. At the end of a year, you’d have $240 dollars that you wouldn’t have if you’d left those auto-renewals in place. That’s $240 dollars that could fit elsewhere in your financial strategy.
With a little work and subscribing to a new idea or two instead, 2018 has the potential to be the year you take back control of your finances.