So, here’s the thing folks…
Subscription and membership services out here are really trying to suck us dry of all funds.
In fact, these membership related companies have a pretty smart racket going on right now.
They get us to sign up for a free or discount trial membership or subscription where we input our credit card information.
While signing up for the free membership, we consent to being billed for the service automatically (and on into eternity) after the free trial ends.
We go along with it to get free stuff because, you know, “we’ll remember to cancel it”.
Companies bank on us forgetting about the trial ending, so they can bill us automatically usually without notification.
Then we get charged for the service forever. and. ever. until we remember to cancel.
Money down the drain.
These costs are sometimes called “phantom” costs or small ghost expenses that add up and deplete your money without you knowing.
These are the type of costs that I focused on cutting about 3 years ago when I wanted to repay debt and save enough money to quit my full-time job to start a business.
And let me tell you.
If you want to find more money to spend on your hobbies or to pursue passions…
It’s craaaazzzzyyyy how much money you can find in your own wallet by reclaiming what’s spent on these phantom costs.
How to Locate and Cut Recurring Subscriptions With a Finger Snap
If you need help finding (and managing) ghost expenses, Truebill is a free tool that helps and it’s pretty, pretty, pretty sweet.
(Yes, that is a Curb Your Enthusiasm reference.)
You can sign up for an account with Truebill through your iPhone or Android. You then sync you credit card or bank account to the app.
Within seconds (yes that quick) it scans your entire account statement histories to alert you to recurring expenses that you may or may not be aware of.
From there, you can hit “cancel”, and the app will cancel the membership for you! It will even tell you if some bills like Comcast or your insurance seems high so you can renegotiate it.
I went into testing this app thinking I had a pretty solid grasp of all of my recurring expenses only to find out that one of my recurring monthly costs actually increased without me knowing it.
And I discovered there’s a random Home Depot personal loan payment from 2013 that I have no idea about.
Say what???? *Cue frenzied investigation*
Anyway, if you want a quick look at your own recurring expenses check out Truebill.
**I did a full review of Truebill and Trim (another subscription cutting service. I think Truebill is the better of the two services) for MagnifyMoney. When the full reviews go live, I’ll link them here!
Security Features (Because, ya know, that’s importante)
Truebill does use encryption and bank-level security to protect your information which is something I always look for in any service that uses financial information.
Trust me, I’m just as geeked about about security as you are… you can learn more about security here. You can also cancel your account at any time.
If you want to try out Truebill header here -> www.truebill.com.
Cheers to zapping those zombie expenses once and for all!
This post may contain links to affiliates. I only share products or services to help you save, make money, or be more productive that I use. Long story short… I will never recommend anything dodgy to you. Scout’s honor.
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