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How Cancel Subscriptions You Forgot About (or Never Knew About)

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How to Cancel Subscriptions

To give you an idea of how you could forget your subscriptions consider this study. The survey on 2,500 participants found that on average, an American spends about $237 monthly on subscription services. The amount is quite high but it’s the number of people who weren’t aware of their spending that was alarming: 2100 of the people surveyed underestimated their payments; some with as much as $400.

How to Cancel Forgotten Subscriptions

Do you have any idea about how much you are spending on subscriptions? The truth is you are probably paying way more than you think. It’s hard to keep track of all the sneaky subscriptions and the automatic billing systems don’t make things easier either. Let’s look at how to go about canceling different categories of common subscriptions.

#1 Smart-Phone/Device Subscriptions

It’s easier to forget subscriptions made via phone apps. These are subscriptions from devices through the Play Store or iOS App Store. The good thing about these subscriptions is that Google and Apple keep a record of payments from your account(s).

Android: Tap the ‘Play Store’ icon on your device. On the top left corner tap on the ‘Menu’ (3 horizontal line icon). This will take you to a screen from which you can choose the specific ‘Account’ that you are concerned about. Tap on ‘Subscriptions’ to view a list of all services that you paying for. From here you can cancel any service that you no longer need. Check Google support for more on this.

Apple: Open ‘Settings’ and choose your name to land on the ‘iTunes & App Store’. Tap your ‘Apple ID’ link followed by ‘View Apple ID’ then ‘Subscriptions’. From this screen open the subscription in question and tap ‘Cancel Subscription’. Note that once you cancel, the subscription stops after the current billing cycle. For more on how to manage subscriptions on various iOS devices, visit Apple support.

#2 Email and Manual Subscriptions

Not all subscriptions originate from app stores. It’s easy to find some forgotten subscriptions that you may have made ages ago on your computer. The same goes for subscriptions filled-in manually at the mall, street, fairs, etc. It’s possible the subscription notifications come as spam mail (let’s be honest, you never read those).

The best approach is to search through your emails for any subscriptions. Cancel the subscriptions by emailing the service providers. If this proves elusive then go through your bank statements going back for 12 months. Look out for regular subscriptions that you forgot or are fraudulent. Cancel them via corresponding websites or by emailing the respective companies.

Is There an Easier way of Cancelling Subscriptions?

Having to go through bank records that may or may not contain subscriptions doesn’t sound interesting at all. Subscriptions made on smart devices are even harder to keep track of; your kids can tap on a new one or make in-app purchases every now and then. So is there an easy way to this? Yes, there is…

#3 Use Subscription-Tracking Tools

These are apps and online tools that track your financial spending on a real-time basis. They work by going through your bank records and providing you with a list of services that are being charged to your account(s).

Truebill is an app that tracks all subscriptions from Netflix to Club memberships. It also gives an analysis of percentage changes on the amounts charged for each item. All you have to do is tap cancel on the subscription that you want to opt-out of.

Trim works similarly but it’s an online tool and the cancellation is done via text.

Empower is an app that follows the same script. It shows you the amounts spent on each service and account balances e.g. Bank balances, Amazon, Uber, AT&T Wireless, etc. With this info, it becomes easy to reach out and cancel specific subscriptions or even renegotiate.

The Take-Away

It’s easy to have fraudulent and unwanted subscriptions eating away at your finances. With the onset of automated payment systems, the problem becomes compounded. Go through your bills and bank statements to weed out these payments. You can also use the ‘Cancel Subscription’ option on smart devices. A much easier approach is by using online tools and apps to monitor and cancel unwanted subscriptions.

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Getting Pre-Approved for a Home Loan-The Ins and Outs

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How to get pre-approved for a home loan

The process of obtaining a mortgage loan and purchasing a property is lengthy and involves a large number of steps. You’ll need to have the funds for a down payment on hand, as well as prepare your financial documentation for submission to your lender. You’ll need to ensure that your credit score is good enough to inspire confidence in your lender, and if it isn’t, you’ll need to begin improving it.

While finding a home that you and your family adore is a vital initial step in the home-buying process, it is far from the first. It’s critical to be prepared in today’s more competitive housing market. Unless you’ve been pre-approved for a loan, you may be disappointed if you locate a home you adore, even if it’s within your budget.

The first and most important step in purchasing a home is to conduct research. If you’re new to the process, you’re sure to have a lot of questions, such as what pre-approval entails and how it differs from actual approval. You may also be curious about the difference between pre-approval and pre-qualification, as well as the paperwork required. To assist you in your home purchasing process, we asked lending specialists to address some frequently asked issues about acquiring the mortgage for your dream home.

What is pre-approval, and how is it different than loan approval?

When you are approved for a loan, the lender will send you a commitment letter outlining the conditions of your mortgage agreement and loan, including the monthly payment and annual percentage rate on your loan. Additionally, you’ll learn about any conditions that must be met prior to the sale being finalized, such as obtaining homeowner’s insurance.

However, before you may obtain permission, you must obtain a pre-approval.

Consider the pre-approval process as an annual physical examination for your financial health. When you go through the pre-approval process, your lender will examine your income, credit score, assets, and obligations to determine whether you qualify for a loan and, if so, the maximum loan amount and monthly payment that you may qualify for. The specific documents you will need to submit and the loan amount you may qualify for will vary depending on your condition and the lending business you choose.

“Not all pre-approvals are created equal,” according to Peter Boomer, a PNC Bank mortgage official. “There are pre-approvals that demand little detail and simply a soft credit pull,” which is a brief examination of your credit history that does not temporarily decrease your score, “but do not require verification of critical buyer information.”

Consider that mild form of pre-approval as a means to run your financial status by the numbers. It may be beneficial if you’re just getting started in the home market and want to get a sense of what’s realistic for you. Once you have a feel of that, you can proceed with a more comprehensive pre-approval. “A full pre-approval is a more thorough examination of the buyer’s credit history and demonstrates the buyer’s ability to repay the mortgage, which includes a comprehensive underwriting evaluation of income, employment, and assets necessary for the down payment, as well as reserves,” Boomer continues. “This demonstrates to the seller that the prospective buyer possesses the financial resources to make the acquisition and has the mortgage in hand.”

Additionally to serving as a provisional promise from your lender when you find the proper home, Boomer notes that a pre-approved will expedite the rest of the process, including the eventual complete approval.

“Frequently, a pre-approval implies that the closing process can be accelerated, with only the appraisal and inspection remaining,” he explains. “Being pre-approved for a mortgage makes the bidder a more attractive homebuyer to the seller, which is critical in today’s competitive housing market when homes frequently receive multiple bids.”

What is the difference between pre-approval and pre-qualification?

While the terms “pre-approval” and “pre-qualification” are sometimes used interchangeably, they are not synonymous. Pre-qualification is a considerably simpler process than pre-approval.

You will be prompted to provide information about your income, debt, and the amount of money saved for a down payment, but this information will not be checked. Following that, your lender will inform you of the types of loans for which you may be eligible. Because there is often no obligation on either end, this is an excellent method for you to evaluate your lending company and see whether they are a suitable fit for you.

“One of the most beneficial things a prospective buyer can do—long before they begin touring homes—is to locate a reputable lender and obtain pre-approval,” says Ryan Dibble, COO of real estate company Flyhomes. “Pre-qualification provides an estimate of how much you can afford based on the information you provide regarding your down payment, assets, credit score, and income, and might reveal any barriers you may face in receiving your financing. Bear in mind that pre-qualifications are based on educated guesses.”

What about pre-subsidy?

The underwriting procedure is sometimes the longest and most stressful portion of the home buying process. This is when the lender will thoroughly vet your finances to ensure that everything is in order and that you are not at excessive risk. If you made any errors or omitted any critical information, the underwriting procedure is likely to trip you up.

If you choose a pre-underwriting method, you may begin this potentially lengthy process early and avoid any surprises down the road. This also makes you a more attractive prospect to homeowners looking to sell, since it demonstrates that you’re a safe bet and serious about concluding a sale.

“Getting pre-underwritten is the first step that all homebuyers should do to completely understand their budget, strengthen their offers, and ensure a smooth closing process,” Dibble explains. “With pre-underwriting, the lender thoroughly evaluates your ability to repay the loan before involving a property. Simply said, pre-underwriting is the only way to obtain an accurate response to a significant question: ‘how much can I spend on a home?’ It is a formal confirmation from a mortgage lender of the loan amount and program for which you are qualified.”

Dibble continues, “once pre-underwritten, you may purchase a home instantly and quickly close within 30 days in the majority of markets.”

When is the best time to obtain a pre-approval?

Once you’ve determined that you’re serious about purchasing a home, you should begin the process of obtaining a pre-approval before proceeding. If you decide to pursue a loan after finding a home that you like, you risk setting yourself up for disappointment.

“If you are considering homeownership, begin the pre-approval process immediately – even if you are thinking six to twelve months in advance,” advises Kim Chichester, Division Manager at Geneva Financial. “Do not go out looking at houses until you have been pre-approved. You are setting yourself up for disappointment or possibly the inability to make an offer on the home of your dreams in a timely manner.”

“What if you find the ideal home for sale for $400,000 only to discover that your maximum loan amount is $350,000?” adds Chichester. “No matter how many homes you inspect, none will ever compare. What if you are not pre-approved for a mortgage, find the home of your dreams, and the sellers will accept offers only from fully pre-approved purchasers until 6 p.m. that evening?”

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Why it’s Always a Bad Idea to Borrow Money from a Family Member

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Lend money to family members

If you’ve ever borrowed money from a family member, then you’re probably familiar with all or most of what we’re about to discuss.

Indeed, many people assisted family members with the expectation of being reimbursed. The unfortunate reality is that you may never see that lent money again. What’s more, your relationship with that family member may suffer as a result.

The following are some of the most frequently cited reasons why you should never lend money to a family.

It Can Put Relationships Under Stress

When you lend money to a family member, the borrower may have a less favorable attitude toward the loan than they do toward loans from banks and other lenders. The two parties may have divergent expectations, which may not work out well for everyone.

Money may complicate relationships, and there are times when the resulting harm becomes unmanageable. The tension in the relationship may even result in its termination.

It May Affect Your Financial Situation

When you lend money to family members, your relationship with them is seldom the only thing that suffers. Your credit and bank accounts may potentially suffer significant damage.

As previously said, there is a good probability you will never see that money again. Due to your strong relationship, your family member may view the funds as a gift rather than a loan.

Even if they are aware that it is a loan, they may believe that there is no reason for them to repay it immediately. While this may not be a concern with minor loans, it may jeopardize your future plans and money if larger sums are involved.

Enables Bad Habits

There are occasions when lending money to family members is not the greatest way to assist them, particularly if they are having difficulty managing their finances. While this may provide a temporary solution, it will never resolve their long-term problems.

While you may need to provide them a hand in repairing their roof, for example, and a loan may be necessary, you would want them to develop healthier and more responsible money habits. When kids understand how to manage their money, the likelihood of borrowing becoming their permanent answer decreases, while also maintaining your relationship with them.

It May Leave You Cash-Strapped

If you obtained the funds to lend to a family member, there is a possibility that you intended to spend them for anything else. It could be a portion of your emergency money or savings. Always consider your own financial situation first before lending money to anyone, family member or not, especially if the funds are already designated for personal needs and aspirations. For all you know, you may not have had the spare cash, to begin with.

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How Much Should You Save for Retirement? Find Out Here

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When you start saving for retirement, you may have a lot of questions. As you search for the answers to the unknown, the one thing you may really want to know is how much money you’ll need to live comfortably during this phase of your life.

Although it is suggested that every year people save between 10% and 15% of their annual income for retirement,  you want to be sure that you have enough, and that can be done by examining certain factors.

Saving for RetirementExamine your current income and expenses

What is your current source of income? How much of that income do you spend every month? As you make your plan for retirement, it is important to know where your current finances stand.

Estimate your future income and expenses

Your current income and expenses can actually be used to estimate your future income and expenses. Yes, retirement is years away, but you should be able to determine your future income and expenses if you know what to expect. If you know your home and student loans will be repaid by the time you retire, then you’ll know that you won’t have to save enough to continue to make monthly payments on these debts during retirement.

Additionally, depending on your source of income at the time, you may be able to calculate how much money you’ll have coming in every month. For example, you can estimate your Social Security payments just to get an idea of all or a portion of your future income.   

Consider the potential cost of the unexpected

Retirement does not mean you don’t have to be prepared for the unexpected. You can expect to pay a monthly bill when it arrives, but what about those little surprises that life will throw at you? At any point in time, your car could break down, your roof could need replacing or an accident can leave you with a high medical bill.

Your retirement fund should allow you to live comfortably, but it should also protect you from financial hits that are hard to come back from. If you don’t plan for the unexpected, a good portion of your retirement fund can be wiped out.

Consider your preferred lifestyle and spending habits

People’s lifestyles vary, so what one person may find necessary another may not. If you wish to maintain your current lifestyle and spending habits when you retire, it will be important to consider this fact when you are trying to determine how much to save.

For example, if your annual income of $70,000 allows you to take a few vacations every year, and that is something you would like to continue to do when you retire, then you’ll want to ensure you have the money necessary to afford these vacations.

Consider the amount you currently have in your retirement fund

Have you already started saving for retirement? Whether the answer is yes or no, the amount that you currently have saved should, of course, be factored into the amount you will need to save. However, not having anything in your retirement fund could be a problem because this means that you may have to put a larger amount away when you start to save.

Say you plan to retire in 30 years, if you do not have anything in your retirement fund, rather than saving $300 a month, you’ll have to save $500 a month to ensure you reach your goal.

Saving for retirement is not a priority for everyone. However, not saving for this phase of your life can negatively impact you. As you plan for your retirement, be sure you are considering the right things, so you don’t find yourself re-entering the workforce during a time when you should be relaxing.

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