Rocket Money saved me $400 on unwanted subscriptions. It even canceled them for me. Getty Images/Rocket Money/Amy Kim/CNET
The last thing anyone wants to do in this economy is lose money. But you may be bleeding cash without even realizing it. A recent CNET study found that the average US consumer spends around $200 a year on subscriptions they aren't using.
I've done it myself. It's all too easy to sign up for a free trial or service and forget about it. Subscription companies are happy to take your money each month, whether or not you're actually using the service. And the recent blockage of the FTC's "Click to Cancel" rule could make it harder to cancel unwanted subscriptions.
The good news is that there are apps that can help you find the subscriptions you're wasting money on and cancel them for you. I tested Rocket Money to see what it could do for me, and it helped me cut $400 worth of subscriptions in just 15 minutes. Here's how it works.
Rocket Money Not only can it help you rein in your spending, but Rocket Money can also help you find and cancel unwanted subscriptions. Details CNET editors choice winner for best budgeting app See at Rocket Money
Rocket Money saved me more than $400 in 15 minutes
Rocket Money is a budgeting app that monitors your income and expenses, helps you set savings goals and tracks your subscriptions in one place, whether you use the free or paid version. It's also my pick for the best Mint replacement app and won CNET's Editors' Choice award. Rocket Money's paid version, which costs $6 to $12 a month, can also find and cancel some subscriptions for you.
You can try this service by navigating to the Recurring tab on the app menu. You'll see subscriptions coming due in the next seven days, ones coming due later and how much you spend on these subscriptions in a year.
The first thing I noticed was that my subscription to HGTV Magazine, which costs $50 for a year, was up for renewal in four days. Given my enormous pile of unread back issues, canceling this subscription was a no-brainer.
Rocket Money gave me two options: The app could cancel this subscription for me or I could call the number they provided to cancel it myself.
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