Your Money Matters: Break the cycle of recurring fees

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Miriam Cross

Kiplinger
www.kiplinger.com

To read the complete article:

http://www.kiplinger.com/

Tips:

What are some recurring fees that people don’t realize they are paying?
This can range from free trials that convert to a paid trial (with or without you realizing that), subscriptions you once used but don’t anymore OR forgot about (gym, TV streaming, audio book service, meal kits, credit monitoring, online dating site, music streaming, job site, airline WiFi etc.).

How can I keep track of subscription fees?
Skim your bank and credit card statements each month to see which services you no longer use that are still siphoning off money.

How do I identify and cancel fees?
Once you’ve picked out recurring charges from your bank/card statements, you’ll either have to call, email, use online messaging, or in some cases, send certified mail in order to cancel (namely, gyms). Truebill also offers tips on how to cancel hundreds of subscriptions yourself.

Are there any apps/services I can use to identify and cut down on fees?
Yes. These three will round up your recurring fees into a list, making it easy to keep track. You might also get alerts if a price changes or a new subscription appears. Prosper Daily gives you a nudge towards cancelling subscriptions (e.g. swipe left on a charge you don’t want, and then investigate further through the app), while Trim and Truebill will cancel them for you (mainly by email and phone, but will even send certified mail on your behalf – for free). Those two recently started fighting your late payment and overdraft penalties as well by requesting courtesy refunds.