Skimm Money: Stop Overspending on Services

There’s a new brand of cancel culture on the horizon.

It’s financial advice that sounds so simple: Cancel your unused subscriptions. In reality it feels easier to get Eras Tour tickets than opt out of these recurring fees. After an hour spent hunting down a customer support email just to get an automated response that someone will be in touch, you might think, “screw it, this isn’t worth the $5 I’d save a month.” We’re not careless with our money; we’re just tired.

You can sign up for yet another service (ironic, we know) like Rocket Money to keep autopayments in check. But there’s a potentially even easier off-ramp coming thanks to millennial-who-gets-it, Lina Khan, 35, chair of the Federal Trade Commission. Her game-changing “click to cancel” rule requires that companies make it as easy to cancel a service as it is to sign up. One sneaky click to register? One obvious click to cancel.

We can only guess which service led her to the front line of this battleground, but we’re just happy that adding a workout app to our phone will no longer feel like locking in a 30-year mortgage.

— “Big Joiner Energy,” Skimm Money Team

Read More

• 5 Best Apps to Manage Your Paid Services 

• “Subscription Creep” is Costing Consumers $1,000+ a Year

• Forgot to Cancel a Trial Membership? Here’s How to Get a Refund

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Q: A friend is asking for an introduction to a former coworker who’s hiring, but based on what I know about my friend, she doesn’t seem like the most reliable employee. I want to do my friend a favor, but not at the sake of my professional reputation. What should I do?

— Trying not to mix business with friendship

FEATURED EXPERT:

Alison Fragale, PhD

Professor, research psychologist,  and author of Likeable Badass: How Women Get the Success They Deserve

I’d start by checking your assumption. What’s the evidence that your friend isn’t reliable at work? I have flaky friends who are consistently late and cancel personal plans last minute, but they’re organized, dependable, and competent at work. (Related: Was It a Bad Idea to Work With My Friend?)

If you’re only guessing about your friend’s work behavior, then you could pass along general support to your former coworker, such as: “My friend is very interested in a position at [company]. Although I’ve never worked with her, I value her as a friend. I’d be happy to make a direct introduction.” (Related: Is Brutal Honesty the Best Policy When Interviewing for a Job?)

If you have hard facts about your friend’s work performance, you can be a bit more direct with her. Say something like, “Jen’s a stickler for deadlines. I know you hate working on others’ timelines, so I worry you will frustrate each other, which will be bad for both of you and also bad for me, since I connected you.” You can also soften the blow by offering an alternative, such as telling your friend she can drop your name when she contacts your former coworker directly. (Related: It’s Never Been Harder to Have a Work Best Friend)

Tell Us

Would you refer a flaky friend for a job?

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TOGETHER WITH FABRIC BY GERBER LIFE

It’s not just these states, btw. 65% of US parents give their adult children (ages 22-40) some kind of financial support. Want to ensure your kids will be financially secure when they’re grown ups? Enter: the kids’ investment account from Fabric by Gerber Life. Starting with as little as $20, you can help give them a head start on their financial future. Plus, make penalty-free withdrawals at any time for expenses that benefit your kids now (like sports equipment, tutoring, or after-school activities). Just sit back, relax, and watch the money grow with them. Psst…Skimm’rs who open an account get $20, courtesy of Fabric.^†

^†Terms and conditions apply.

Your “Can I Afford This?” Guideline

What it is: 70/20/10 budgeting

You may know, or practice, the classic 50/30/20 rule of budgeting, but the 70/20/10 method takes it a step further. There are a few ways to do it, but the version swirling on TikTok is: 70% of your income goes to what you need, 20% for your wants, and the 10% left goes to savings and investments. It might seem disheartening at first to see the slices for fun stuff and future you get smaller, but this breakdown ensures your essentials are covered — so you can feel more confident in how you choose to use what’s left over.

Early Black Friday deals have already landed at Ulta. (Yes, we're just as shocked as you are.) You can get up to 40% off a new slate of beauty items each week until November 23.

Life hack: Avoid fights with whomever you live with by tacking this clean/dirty magnet on your dishwasher. Potentially the smartest $7 you'll spend all week.

In the market for more deals on nice things? Here you go.