With so many ways to subscribe, seniors need systems for tracking recurring charges.
Feeling the subscription fatigue? These days, we can subscribe to everything from shaving cream to meal boxes, online magazines to smoothie mixes, credit cards to budgeting apps. Understandably, many people are tired of keeping track of what they’ve subscribed to…and exhausted from seeing all those recurring charges on their monthly statements. Let’s review some subscription fees that commonly fly under the radar, and how to recognize and put an end to the subscriptions you don’t really want.
“Subscribe and Save” purchase options
Amazon and other online retailers now ask if you want to “subscribe and save”--meaning you’ll pay less now if you pre-order the product for delivery in another 2 weeks or one month. This offer could save you money, if you’re definitely going to need that item again at that frequency. But…are you? Ask yourself the tough questions before hitting “subscribe” to avoid a surprise charge later.
Printer ink subscriptions
Depending on your printer and your printing needs, it may make financial sense to subscribe for printer ink (more on that here–it’s complicated). The important thing for seniors and families to know is that ink subscriptions are common these days, and for those who print very little, ditching the printer and its related ink subscription could be a place to save.
Donations to non-profits or political candidates
When making a donation to your favorite charities or political candidates, choosing to “make it monthly” can be a convenient way to provide consistent support to the causes you care about. But only if that’s what you mean to do. It’s best practice for online donation platforms to make “one-time donation” the default choice, so that the individual making the donation would need to select a monthly donation on purpose. Of course, not every entity chooses this best practice, and it can be easy for people who aren’t as familiar with online platforms, including seniors, to make their donation recurring by accident.
Cloud storage
Like with printer ink, it can make sense to pay for cloud storage. The key is to pay only for what you need. GoogleOne and Apple iCloud pricing rises with the amount of storage purchased. Phone users may have seen the notice that their phone is almost out of storage and bought the recommended cloud storage right away. Review what you’re paying, how often you’re paying it, and evaluate if that cost matches your needs.
Old app subscriptions, free trial “zombie” subscriptions, and other “grey charges”
When you’re pretty sure you canceled that streaming service subscription, and then notice 5 months later that you’re still paying $12.99/month for it– that’s a grey charge. Grey charges are sneaky and sometimes illegal charges that tend to be small enough to run under the radar, and yet add up over time. If you see small, regular charges on your bank account or credit card statement that you don’t recognize, it may be that you downloaded an app that charged you a sneaky subscription fee, or it could be a fee detailed in the fine print of another service. It may be that you really did cancel that subscription, but somehow your request was never processed.
It’s in the interest of companies to make recurring fees as easy to accept and hard to detect as possible. This game is stacked against older adults, who may be less familiar with these newer online payment tricks. And for people with cognitive decline, keeping track of recurring fees can be a major challenge. CSAs and loved ones can keep this in mind and help older adults keep tabs on all their subscriptions.
Ways to Identify Unwanted Recurring Charges
Knowledge is power when it comes to these unwanted subscriptions and grey charges.
- Review your bank and credit card statements every month. If you see a charge you don’t recognize, reach out to the bank or credit card company for help identifying it.
- Try an app to help you audit your subscriptions. If you have a lot of active subscriptions–or a sneaking suspicion that you might–consider downloading an app to assist you in reviewing your recurring charges. Some popular ones are Trim and PocketGuard.
- If you’re concerned about grey charges, set up bank or credit card alerts to notify you of charges under a certain dollar amount.
For most of the subscriptions mentioned above, the ball is in the consumer’s court: you can decide what you want to pay, and cancel the subscriptions you don’t need. But when a company doesn’t immediately cancel the subscription when you ask, or if you can’t figure out what a charge is for, don’t hesitate to contact your bank, the credit card company, and/or the Federal Trade Commission to report suspected fraud.
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