You subscribed to a music app that costs ₹199 a month. It’s a small amount right? But when it comes to a year, it’s nearly ₹2,400. Now, what if you have several subscriptions? Many people unknowingly get into what is known as a subscription trap.
Subscription traps happen because payments are automatic. Every month after you sign up, money is deducted from your card or bank account. Apps frequently start off with free trials, after which the monthly fees begin automatically. The payments will proceed without your knowledge if you neglect to cancel. When there are numerous subscriptions active at once, it is very easy to lose track.
Making a list of all the apps and services you are paying for is the first step in avoiding subscription traps. Every month, carefully review your wallet and bank statements. Set reminders to cancel services you no longer use. Many apps also have yearly plans, which may save money, but make sure you really need them. Use one card or account for subscriptions, so it is easier to track.
Small monthly payments may seem harmless, but over time they can take a big part of your money if you are not careful. Always check before you subscribe!