Beware: Online subscriptions may be eating your finances

The New Year brings a surge of motivation—gym memberships, meal planning apps, meditation programs, and fitness trackers all promise to help us crush our goals. But scammers and shady companies are banking on this energy too, and 2024’s rise in subscription traps is sure to stick around well into 2025.

Here’s how it happens: You sign up for a “free trial” of an app or service that seems perfect for your resolutions. Maybe it’s a meal kit, a fitness program, or a language app. But buried in the fine print are confusing terms, automatic renewals, or even extra charges that you didn’t agree to. These traps are designed to keep billing you long after your enthusiasm for the product has faded, but with a little due diligence, you can cancel the ones you aren’t using before they impact your wallet.

1. Set a Reminder: If you’re signing up for a trial, set a reminder in your phone a few days before the trial ends. That gives you time to cancel if you’re not using it.
2. Read the Fine Print: It’s boring but necessary. Check the cancellation policy and whether you’re agreeing to additional fees.
3. Use Virtual Cards: Some banks and payment apps allow you to create virtual cards for one-time use. These are great for free trials because they expire before an unwanted charge can hit.
4. Review Your Statements: Regularly check your credit card or bank account for recurring charges. If you spot something suspicious, act quickly.
5. Use Subscription Management Tools: Apps like Truebill or Mint can track your subscriptions and help you cancel the ones you don’t want. NorthCountry’s mobile banking app has a money management feature that shows you that categories you spend the most in each month, which can also be helpful.

The New Year is a great time to invest in yourself, but don’t let companies take advantage of your goals. By staying vigilant, you can make 2025 your year to shine.