GoKawiilEdgar Cervantes / Android Authority
Over the last year or so, I’ve made a point to get my family’s finances into a tighter order. This means eliminating wasted spending and ensuring that what we’re paying for actually makes sense. To that end, I previously wrote a piece about how my family cut back on streaming services and created a calendar system for renewing and canceling services when show seasons end.
The truth is that wasn’t the only step we took. I also went through our bank accounts with a fine-toothed comb and checked popular online services that allow for add-ons like Amazon Prime. At the end of the process, we not only saved nearly half of what we used to pay for streaming services, but I also shut down over $25 in monthly services for things I frankly didn’t even realize I was paying for. Combining the savings from the two sources, I saved around $75 a month in total.
Are you actually using all your subscriptions? 13 votes Yes, I'm very careful about this. 54 % Yes, as far as I know but now I'm thinking I should look closer... 31 % No, I need to cancel some services that I don't use anymore 8 % Other (Tell us in the comments) 8 %
Here’s what caused my high usage in the first place
Joe Maring / Android Authority
It might seem crazy that you could spend this kind of money and not notice it. That said, it’s important to consider that most people have multiple credit cards, at least one bank account, and that some of these add-ons aren’t easy to identify from a financial statement alone. Combine that with a partner you share finances with, and it’s easier to overlook something than you might realize.
According to surveys conducted by Self Financial, the average person has 2.8 paid subscriptions. That’s down from 4.4 and 4.1 in 2003 and 2004, respectively. On the same note, roughly 54.9% of survey responders said that they had at least one subscription that they are paying for but not actually using at all. On average, that’s at least $10 a month wasted.
Obviously, my numbers are much higher than this, largely because I tend to be a bit impulsive. When a new streaming service came out, I would sign up and then binge hard. After I ran out of content, I’d often keep the subscription anyway.
Free trials are easy to forget about, and can often be a major source for unexpected spending.
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