Are You Still Paying for That? How to Find and Cut Forgotten Expenses
A few dollars for a streaming service. A monthly app subscription. A free trial you meant to cancel three months ago. Individually, these expenses may not seem like much. But when several of them quietly come out of your account every month, they can add up to more than you realize.
September is a great time for a financial reset. As summer winds down and routines settle back in, take a few minutes to look for expenses you may have forgotten about or simply don't use anymore. You might be surprised by how much room you can find in your budget.
Start With Your Recent Transactions
One of the easiest ways to find forgotten expenses is to review your checking account and credit card transactions from the past few months.
Don't just look for large purchases. Pay attention to smaller recurring charges, too.
Look for things like:
Streaming services
Music or podcast subscriptions
Fitness or wellness memberships
Cloud storage
Gaming subscriptions
App purchases and memberships
Meal delivery services
Subscription boxes
Software or online services
Memberships you rarely use
If you don't recognize a charge, investigate it before assuming it's something you can cancel. And if you believe a transaction may be fraudulent, contact your financial institution or credit card provider.
Ask Yourself: Do I Still Use This?
Finding recurring expenses is only the first step. Now comes the decision-making. For each one, ask yourself a few simple questions:
When was the last time I used this?
Would I sign up for it again today?
Is there a less expensive option?
Am I paying for another service that does the same thing?
You don't have to eliminate everything you enjoy. The goal isn't to make your budget as restrictive as possible. It's to make sure you're intentionally spending money on the things that are actually useful or important to you.
Watch for the "It's Only $10" Trap
Ten dollars doesn't sound like much. But $10 every month is $120 a year.
Find three unused $10 subscriptions and you're looking at $360 annually.
That's money that could stay in your checking account, go toward paying down debt, build your emergency savings, or help fund something you actually want.
When reviewing recurring expenses, try looking at the annual cost instead of only the monthly amount. Seeing the bigger number can make it easier to decide whether something is worth keeping.
Check for Price Increases
You may still use a service but be paying more for it than when you originally signed up. Take a look at your recurring bills and subscriptions to see whether prices have increased. You can also check your internet, phone, insurance, and other regular expenses. You may be able to switch plans, remove features you don't need, bundle services, or shop around for a better option. Even if you decide to keep everything, you'll have a better understanding of where your money is going each month.
Don't Forget About Free Trials
We've probably all signed up for a free trial with every intention of canceling it before the first charge. Then life happens.
Search your email for phrases like "free trial," "subscription," "membership," or "renewal." You might uncover a service you've forgotten about or an upcoming annual renewal you no longer want. While you're there, consider turning off automatic renewal for services you don't know whether you'll want next year.
Put the Money You Find to Work
Here's the fun part. If you find $25, $50, or even $100 in monthly expenses you can eliminate, decide what you'll do with that money instead. You could automatically transfer it into savings each month, put it toward a credit card balance, add it to your holiday budget, save for a vacation, or build your emergency fund. Redirecting the money immediately can help keep it from simply disappearing into other everyday spending. For example, cutting $50 in monthly expenses and putting that same amount into savings would add up to $600 over the course of a year.
Make It a Regular Money Habit
You don't need to obsess over every transaction or cancel everything that brings a little fun to your life. Instead, make a recurring-expense review part of your financial routine. Every few months, spend 15 or 20 minutes looking through your accounts and asking yourself whether your regular expenses still make sense. Your priorities change. Your budget changes. The services you use change. Your spending should be allowed to change with them. A few small adjustments today could leave you with a little more breathing room tomorrow.
Your Simple Monthly Money Audit
Set aside 15 minutes once a month and work through this quick checklist:
☐ Review your transactions. Look through your checking and credit card activity for anything unexpected.
☐ Find recurring charges. Identify subscriptions, memberships, apps, and other automatic payments.
☐ Cancel what you don't use. If you wouldn't pay for it again today, consider letting it go.
☐ Check for price increases. Make sure your regular bills haven't quietly become more expensive.
☐ Look for upcoming renewals. Check for free trials and monthly or annual subscriptions that are about to renew.
☐ Flag anything you don't recognize. Investigate unfamiliar transactions and report suspected fraud promptly.
☐ Check your progress. Take a quick look at your savings and debt balances to see how you're doing.
☐ Move the money you saved. Canceled a $15 subscription? Consider transferring that $15 to savings or putting it toward a financial goal.
That's it! A few minutes once a month can help you stay aware of where your money is going and make sure more of it is going toward the things that matter to you.
Ready for a Quick Financial Checkup?
Log in to online banking and review your recent transactions for recurring expenses you may have forgotten about. Find something you no longer need? Cancel it and consider moving that same amount into your ICCU savings account each month.