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As consumers add more and more subscriptions to their budget, keeping track of the payments and reducing costs can get tricky. Many people are turning to subscription management apps to help.
If you’re considering using an app, such as Rocket Money, a BBB Accredited Business, here’s how to cut back on your expenses and stick to your budget while keeping your data safe.
How to use subscription management apps wisely
- Be careful whom you trust with your data. Subscription management apps help consumers identify the subscriptions they are paying for, find subscriptions that can be canceled, and remember when payments are taken from their bank account. To do all this, apps need to access your financial records. Most apps are trustworthy, but avoid the risk of identity theft by reading the fine print carefully. This includes reviewing the app’s privacy policies before you allow access to your bank account and other financial data.
- Think about the features you need. Some apps simply keep track of subscriptions and payment dates that you enter manually, while others automatically identify your subscriptions. Still others offer many extra features, such as budgeting tools or investment opportunities. Figure out which features you are interested in using and then compare several apps to find one that fits your financial goals.
- Think carefully about paid services. Before downloading a paid subscription management app, consider how much money you expect to save. If you end up paying more for the app than you save, look for a cheaper option or sign up for a free service.
- Watch out for free trial offer scams. Free trial scams offer “free” services and products that will later be charged to your account – a fact that is usually buried in small print. Don’t be fooled by tricksters. In addition, the U.S. News & World Report reminds consumers that even legitimate apps that are free at sign-up “may charge for additional upgrades or services.” Ensure you are doing business with a trustworthy company and understand all the charges before you sign up.
- Use strong passwords. Since subscription management apps can access some of your most sensitive financial information, use strong passwords to protect your data.
- Do a subscription audit. It is more work, but if you aren’t convinced a subscription management app is the solution to keeping your expenses under control, you can track them all down on your own. The Washington Post recommends checking your current subscriptions on your mobile device, reviewing your credit card and bank statements, consolidating cloud storage, and comparison-shopping streaming and delivery services.
For more information
Stay safe online by reviewing the BBB Tip: Data Privacy. Find out more about saving money with cashback apps.
Go to BBB.org to look up online marketplace business profiles, file a complaint, or write a customer review. Visit BBB Scam Tracker to research and report scams.
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