When was the last time you took a close look at all the various monthly fees you pay? Automating bill payments is a terrific way to simplify your finances. But companies are counting on you not paying attention, so a regular subscription review is so important. It can save you money and simplify life.

My theme for 2025 is intentionality. Getting out of autopilot mode and being more thoughtful about life applies to how I spend my time but also how I spend my money.

Read on to find out how I went about my recent subscription review and how much I saved. I hope it will inspire you to do a subscription review of your own.

Steps in a subscription review

Step 1 – Make a list

To get started, grab your bank and credit card statements and make a list of all your paid subscriptions.

Streaming services are an obvious place to start. But don’t forget about software subscriptions, membership fees, cloud storage, annual credit card fees, newspaper and magazine subscriptions, and telecommunication services. Any non-essential recurring monthly or annual fee is fair game.

Step 2 – Look for opportunities

With your list in hand, consider how much you use each of the subscriptions, and whether you’re getting value for the fees you’re paying. As I did my review, I sorted my list into four categories: cancel, consolidate, choose a less expensive option, and keep.

Cancel

One of the first questions on my Easy Decluttering Checklist is, “When did I last use this?” Although the checklist relates to physical clutter, the same premise holds true for our finances.

If you’re paying monthly or annual fees for services you rarely use, cancel them!

Consolidate

Although they don’t advertise it, many companies will reward your loyalty by waiving or reducing the fees you pay if you give them more business.

My review started with a decision to consolidate our internet and cable TV packages with a single provider. Bundling our services saved us $100 a month. Getting it done was painful, but the savings are worth it.

As part of our new cable TV package, we can subscribe to Disney+ at a reduced price. I added Disney+ to our cable package and cancelled our standalone subscription.

Similarly, I was paying an annual fee of $119 for a premium credit card with a bank I don’t otherwise deal with. I exchanged the card for a similar card with my primary bank and, because of my relationship with them, they waived the annual fee.

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Choose a less expensive option

Most companies offer a variety of price options. Out of habit, you may be paying too much when there’s a cheaper option that will meet your needs.

Here are several examples where I saved money by downgrading to a less expensive option:

• Streaming services. With so many streaming services available now, most of them offer various price options. I don’t watch Netflix a lot but do watch it enough that I wanted to keep it. I downgraded to the version with ads and cut my monthly charge in half.
• Memberships. We often pay membership fees without really questioning the value we get from them. For example, I was paying for a premium auto club membership that offered services I rarely use. When I had to call them to remove Colleen from our membership after she moved out of province, I downgraded to a basic membership.
• Software. Who remembers the days when you bought software, installed it on your computer, and then used it for years? I miss those days. Now everything is subscription based, and those fees add up. As an example, I use Quicken to keep track of our bills, spending and savings. But I was paying for a subscription to a version with advanced investment tracking and tax management features that I don’t use. I updated my account to switch to the basic version at renewal.

Alone, none of these savings were huge but when you put them all together, they add up.

Keep

Everything else on the list went in the keep category, although I did flag a few items to review again at renewal time.

Step 3 – Put the money you save to good use

In total, by cancelling, consolidating and choosing lower-priced options, I shaved $150 off our monthly budget.

The final step is to consider how to put the money saved from the subscription review to better use. You might use it to pay off credit card debt or build your emergency fund. Or you may be able to add it to your retirement savings. You might even decide to treat yourself to one of life’s little luxuries.

No matter what you do, that money is better in your pocket than any large corporation.

Have you ever done an audit of your monthly spending? What cost-saving opportunities did you find? Drop me a comment below and let me know.