What is Subscription Audit?
Definition
A systematic review of all active subscriptions to evaluate their value, identify unused services, and optimize spending.
Understanding Subscription Audit
A subscription audit involves listing every recurring charge, categorizing them, evaluating usage and value, and deciding what to keep, downgrade, or cancel. Experts recommend auditing subscriptions quarterly. Steps: 1) Check bank and credit card statements for all recurring charges.
2) List each subscription with its cost and billing cycle. 3) Rate how often you use each service. 4) Cancel unused ones, downgrade underused ones, and consider annual plans for essential ones.
Tools like TrackMySubscriptions automate this process by tracking all subscriptions in one dashboard.
Related Terms
Subscription Fatigue
The feeling of being overwhelmed by the number of active subscriptions and the cumulative cost of maintaining them.
Subscription Creep
The gradual, often unnoticed increase in the number and total cost of subscriptions over time.
Subscription
A recurring payment arrangement where a customer pays at regular intervals to access a product or service.
Budgeting
The process of creating a plan for how to allocate income, including accounting for recurring subscription expenses.