How to Do a Subscription Audit

Photo source: openverse, Kampus Production 

Many Kiwi seniors are quietly paying for subscriptions they forgot about or no longer use. From streaming platforms to gym memberships, magazine deliveries, and mobile apps, these small charges add up quickly. A subscription audit is simply the process of reviewing every regular payment coming out of your account so you can decide what is worth keeping. It takes less than an hour and could save you hundreds of dollars a year.

Start by gathering your last two or three months of bank and credit card statements. You can usually access these through internet banking or by asking your bank for printed copies. Go through each transaction line by line and note anything that repeats monthly or yearly. Look closely at small amounts too, since these are often the ones people overlook.

Once you have your list, separate the subscriptions into three groups. The first group is services you use often and genuinely enjoy. The second is services you rarely use but might want to keep for convenience. The third is anything you have forgotten about entirely or no longer need. This last group is usually where the savings hide.

For the subscriptions you want to cancel, check the provider’s website for a cancellation option, or phone their customer service line. New Zealand consumer law generally requires companies to make cancelling reasonably straightforward, though some services make you call rather than click a button online. Keep a note of the date you cancelled and ask for confirmation by email if possible.

It also helps to check for free trials that quietly turned into paid subscriptions. These are one of the most common ways people end up paying for things they never meant to keep. Set a reminder in your phone or diary before any future free trial ends so you are not caught out again.

Consider doing this audit twice a year, perhaps in autumn and spring, so new charges do not slip through unnoticed. Sharing this task with a family member or friend can also help, especially if you are unsure about an unfamiliar charge on your statement.

A regular subscription audit is a practical way to stay in control of your money, reduce clutter, and free up funds for the things that matter most to you.