Hey, welcome to a new week.

If you’re like most people, you probably have more subscriptions than you realize. I know I did.

From streaming services and fitness apps to monthly food deliveries and software tools, subscriptions can add up quickly.

While they’re convenient, they can also eat away at your budget if you’re not careful.

Which is, of course, the plan.

Fortunately, AI can help you take control of your subscriptions, track spending, and even find ways to cut costs or get more value from the services you use.

Don't be like Chandler, Ross and Joey who had to close their bank account cause they couldn't cancel their gym membership

(I don't really watch Friends, it just happened to be on in a waiting room I happened to be in)

Let’s see how AI can optimize your subscription services and put some money back in your pocket.

It worked out for Kyle...

TRUE STORY

Meet Kyle, a young professional who always seemed to run out of money before the end of the month. (Been there, done that) When he took a closer look at his spending, he was shocked to find that he was paying for more than a dozen subscription services—many of which he barely used! Overwhelmed by the thought of sorting through all his subscriptions manually, Kyle turned to an AI-powered budgeting app. The AI quickly identified his active subscriptions, flagged those he hadn’t used in months, and even recommended cheaper alternatives. With the AI’s help, Kyle was able to cut unnecessary expenses, saving hundreds of dollars a year without sacrificing his lifestyle.

HOW?

1. Identifying All Active Subscriptions

• Transaction Scanning: AI-powered budgeting tools can automatically scan your bank statements and credit card transactions to identify recurring payments for subscriptions. Apps like Rocket Money use machine learning to detect subscription-based transactions, giving you a comprehensive list of all your active services.
• Subscription Categorization: AI categorizes your subscriptions, breaking them down into useful segments such as entertainment, fitness, software, or food delivery. This makes it easier to see which types of subscriptions are eating up the most of your budget and where you might want to cut back.

2. Highlighting Unused or Underused Subscriptions

• Usage Tracking: AI-driven tools can track how often you use certain services based on your spending patterns and app usage. For example, if you have a subscription to a streaming service but haven’t used it in months, AI can flag it as underused, suggesting that you consider canceling or pausing it to save money. Tools include the above, plus Cushion, Qapital and Mint.
• Smart Notifications: Some AI tools send notifications when they detect a subscription you haven’t used in a while, helping you avoid wasting money on services that no longer add value to your life.

3. Recommending Cost-Saving Alternatives

• Price Comparison: AI can compare your current subscriptions with similar services to find cheaper alternatives. For example, if you’re paying for multiple streaming platforms, AI might suggest switching to a bundle package or a different provider that offers similar content for less.
• Promotions and Discounts: AI tools like Honey and Trim can find promotions, discount codes, and cashback opportunities for the subscriptions you decide to keep. Some tools can even negotiate lower rates on your behalf for services like phone plans, internet, or cable.

4. Managing Subscription Renewals and Cancellations

• Automatic Reminders: AI, like Hiatus, can notify you before a subscription is about to renew, giving you time to decide whether you want to keep it. This is especially useful for annual or free trial subscriptions that often auto-renew and catch you off guard.
• Easy Cancellations: Some AI tools simplify the cancellation process by providing direct links to cancellation pages or, in some cases, contacting the service provider to cancel on your behalf. This helps you avoid the hassle of navigating through websites or spending time on customer support calls.

5. Optimizing Service Usage

• Usage Recommendations: For the subscriptions you want to keep, AI can suggest ways to get more value out of them. For example, if you have a subscription to a meal delivery service, AI can recommend recipes based on your dietary preferences and suggest meal plans that minimize food waste. Like PlateJoy, or PocketGuard​
• Data-Driven Insights: AI tools can provide insights into how you use your subscriptions. For example, it can show how much you’re spending monthly on different categories, like fitness or software. With these insights, you can adjust your subscription strategy to match your lifestyle and financial goals.

6. Budgeting and Forecasting

• Expense Projections: AI can project your subscription spending for the coming months, helping you budget more effectively. By providing a forecast of your recurring expenses, AI enables you to plan for the future and allocate funds where they’re needed most.
• Custom Budgeting: Some AI-driven budgeting tools allow you to set a custom monthly budget for subscriptions. The AI will then monitor your spending and alert you when you’re approaching your limit, encouraging you to make conscious decisions about adding or removing services.

You know what happens now. Let's have a chat with ChatGPT and see what it has to say...

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YOU: Hey, I feel like I’m drowning in subscriptions. I don’t even remember all the services I’ve signed up for. Can AI really help with that?

ChatGPT: Absolutely! Subscriptions can easily pile up, and before you know it, they’re eating into your budget. AI can scan through your bank and credit card transactions to find all your active subscriptions, even the ones you might’ve forgotten about. This way, you can see exactly what you’re paying for each month. Interested in taking that first step?

YOU: I guess. But then what? How do I know which ones to keep or get rid of?

ChatGPT: That’s where AI can really make a difference. Once it identifies your subscriptions, it can track your usage patterns to flag underused services. For example, if you’ve got a gym membership but haven’t made a payment visit in months, AI can recommend pausing or canceling it to save money. It’s like having a personal budget advisor who knows your habits inside and out!

YOU: Okay, that might help. But I actually like most of my subscriptions. I just want to make sure I’m not overpaying.

ChatGPT: Smart thinking! AI can help there too. It can compare your current subscriptions with similar services to find more affordable options. For instance, if you’re using multiple streaming services, AI might suggest bundling them for a discount or switching to a service that offers the same content for less. Plus, some AI tools can find promo codes or negotiate lower rates on your behalf, so you’re not overpaying.

YOU: That sounds promising. But what about all these free trials I sign up for? I always forget to cancel before they start charging me.

ChatGPT: It happens to the best of us! AI can send you reminders before a free trial or subscription renews, giving you time to decide if you want to keep it or cancel. Some AI tools even make it easier to cancel subscriptions by providing direct links or contacting the provider for you. This way, you stay in control and avoid those surprise charges.

YOU: That would definitely take some stress off. But how do I make sure I’m still getting value from the subscriptions I keep?

ChatGPT: Great question! AI can help you get more out of the subscriptions you decide to keep. For example, if you have a meal delivery service, AI can suggest recipes based on your preferences, maximizing the value you get from your plan. It can also analyze your spending habits and give you insights into which subscriptions are bringing you the most joy or utility, so you can focus on what truly matters to you.

YOU: That makes sense. So, where do I start if I want to use AI for this?

ChatGPT: First, connect an AI-powered budgeting tool to your bank or credit card account. The AI will start scanning for recurring charges and give you a complete list of your subscriptions. From there, it can guide you through identifying underused services, finding cheaper alternatives, and setting up reminders for renewals. Before you know it, you’ll have a leaner, more efficient subscription lineup that aligns with your budget and lifestyle!

ITS A WRAP!

AI can take the stress out of managing your subscriptions by identifying where your money is going, highlighting underused services, and suggesting cost-saving alternatives. Whether you’re looking to cut unnecessary expenses, get more value out of the services you keep, or simply stay on top of renewals, AI has you covered. Start exploring AI-driven tools today to optimize your subscription spending and take control of your finances!

TALK BACK

Do you have questions or need more tips on using AI to manage your subscriptions? Lemme know!

Email me: ben@10xyou.us​

See you next week!