A reader asks HerMoney CEO Jean Chatzky: “What are the best apps to help me cancel inactive recurring charges?”

Twice a week, our CEO and resident money guru Jean Chatzky tackles your burning questions in the HerMoney newsletter. We’ve pulled some of the best to feature on our website — and this one made the cut! Got a question for Jean? Send it her way right here. 

Q: “What are some of the most effective apps for clearing away and canceling inactive recurring charges?”

A: According to a recent study, nearly 55% of people say they are spending money on unused subscriptions each month. How much? An average of $10.57. That’s nearly $130 per year you could stash away in your high-yield savings account, invest, or put toward another big money goal!

As you noted, there are a number of apps dedicated to helping people identify subscriptions they aren’t using and wasting money on. They fall, basically, into two categories.

The first, are apps that take your bank and credit card statements, scan them for recurring charges and then notify you when they are coming up. A couple of the most popular are Rocket Money (which comes highly recommended by the gals in the HerMoney Facebook group) and Trim.

If you’d rather track your subscriptions manually, one of the more popular apps is Bobby. Similar to Rocket Money and Trim, the app will notify you when a charge is about to be made so you have time to cancel if you wish to.

Lastly, you can also DIY it. Take a look at your bank and credit card statements and identify your recurring charges. Cancel the ones you aren’t using. Then, add renewal dates to your calendar. One last tip – do this too, anytime you sign up for a “free trial” of a subscription and don’t intend to keep it for the long haul. We’ve all been guilty of forgetting to cancel free trials.

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