A month before I left for my around the world trip, I was at the gym, sixteen minutes into an hour on the elliptical, when I realized, I better cancel my gym membership. And my cell phone plan. And my internet service. And my Netflix. And my Amazon Prime.
Two things to know about cancelling subscriptions that are not in your favor: first, many subscription services require a month’s notice and second, early cancellations will either have an exit penalty / termination fee or you will not receive a refund for the prorated portion. For example, if you have Amazon Prime and your renewal is due in one month, but you aren’t leaving for three months, cancel your Amazon Prime before it renews because Amazon will not refund you the nine month portion you did not utilize. Netflix, Hulu, and similar digital services are equally easy to cancel and, like Amazon, have no proration refund for their services.
Health club memberships are sneaky and typically require one month’s minimum notice and/or an exit penalty prior to terminating your membership. If your membership bills at the end of the month, don’t try and outsmart the health club and cancel the third week of the month, you’ll still need to pay for the next month.
Cell phone subscription plans vary but the termination fees have largely gone away. The only scenario where you will have a termination fee is if you purchased a phone on a monthly installment plan—you’ll want to pay off the remaining balance before traveling. Ideally if you followed my cost saving recommendation in the “How to Save” section you would have switched to a cheaper prepaid payment plan earlier to save money which avoids a large cell phone payment in the final days before departure.
You can cancel your cable and internet services after payment and receive a refund for the prorated balance. The last time I canceled cable, the company sent a prepaid credit card to my parents’ address two months after cancellation. Also, while the cable company was friendly when they came to your house for the installation, they will not return to your house to pick up your equipment which means it’s your responsibility to return the cable box and modem to their nearest customer service center.
Go through your credit card and bank statements to catch any recurring payments that you may have missed.
Cancel any newspaper or magazine deliveries you receive.
Visit the post office and have your mail forwarded to your parents’ or someone else’s address who can receive critical packages for you. Or if the IRS comes searching wondering why your income dropped so suddenly. Also update the address for your banks, credit cards, retirement accounts, and other private and time sensitive services. Create an emergency list of these items that a love one can access should you suffer through any extenuating circumstances while traveling.
Health club memberships are sneaky and typically require one month’s minimum notice and/or an exit penalty prior to terminating your membership. If your membership bills at the end of the month, don’t try and outsmart the health club and cancel the third week of the month, you’ll still need to pay for the next month.
Cell phone subscription plans vary but the termination fees have largely gone away. The only scenario where you will have a termination fee is if you purchased a phone on a monthly installment plan—you’ll want to pay off the remaining balance before traveling. Ideally if you followed my cost saving recommendation in the “How to Save” section you would have switched to a cheaper prepaid payment plan earlier to save money which avoids a large cell phone payment in the final days before departure.
You can cancel your cable and internet services after payment and receive a refund for the prorated balance. The last time I canceled cable, the company sent a prepaid credit card to my parents’ address two months after cancellation. Also, while the cable company was friendly when they came to your house for the installation, they will not return to your house to pick up your equipment which means it’s your responsibility to return the cable box and modem to their nearest customer service center.
Go through your credit card and bank statements to catch any recurring payments that you may have missed.
Cancel any newspaper or magazine deliveries you receive.
Visit the post office and have your mail forwarded to your parents’ or someone else’s address who can receive critical packages for you. Or if the IRS comes searching wondering why your income dropped so suddenly. Also update the address for your banks, credit cards, retirement accounts, and other private and time sensitive services. Create an emergency list of these items that a love one can access should you suffer through any extenuating circumstances while traveling.