TrackMySubs helps consumers stop wasting money on unwanted subscriptions and know exactly how they are spending their money.
TrackMySubs’ founder and CEO Gabe Alves knows all too well how costly subscriptions can be. After a 30-day trial with Dropbox, he was automatically charged $850 on his credit card for the $70 a month subscription. Alves was frustrated at how easily he had forgotten that payment would be due. He decided to look more at his business finances and found another $215 in spending on subscriptions he had forgotten was being taken out monthly.
Alves’ goal was to create an easy-to-use system that was built to manage subscriptions – one where he could add in each new subscription and set default reminders. Alves is not alone in his challenge to remember the cost of subscriptions and renewals. In the world of “subscribe to everything”, the ability to turn services on and off is incredibly convenient, but it can come at a significant cost.
According to Moneywise, people in Britain waste an estimated 448 million pounds a month on unused subscriptions. Americans are just as bad, spending on average $512 per month on redundant subscriptions, according to an article in CNBC.
Keeping track of wanted subscriptions is hard enough, but for those who simply forget or haven’t gone through the hassle of cancelling, it’s just wasted money. Companies are developing incredibly inventive ways to keep revenue from subscriptions rolling in. In fact, literally hundreds of millions of dollars are being poured into companies like Zuora, Chargify, and Recurly. They have one main goal: manage subscribers for other companies with the clear goal of making more revenue from subscribers.
“It’s not that habit-forming applications are bad – in fact many of them want to help their customers by forming good habits such as meditation and fitness,” says Alves. “But paying customers should be aware of these techniques. They need to understand what is happening, so they can make clear choices instead of being influenced by addictive behaviors and clever tech.”
Alves built TrackMySubs to level the playing field and help consumers know exactly how much they’re spending. His company has the core mission of helping users save money by tracking and taking control of their subscriptions.
It’s not lost on Alves that TrackMySubs is also a subscription-based service. He admits, “The irony of our product being a subscription is not lost on us – a subscription model enables us to be viable. Our position here is not that subscriptions are bad, but they should be provided to the customer in an ethical and transparent manner.”
Until consumers have the tools and knowledge to recognize this, Alves believes consumers will continue to spend millions on services they don’t need.
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