Save Money by Cancelling Subscriptions
Subscription services are convenient and fun but are they necessary? On average, people spend about $130 more than they realize on monthly subscriptions. In fact, about a third of consumers underestimate how much they spend on monthly subscriptions by up to $199.
In the digital age, it is easy to become overwhelmed by apps, streaming services, meal kits, etc. Three bucks here, eight dollars there, and suddenly you're spending $200 to $300 per month on services, and you struggle to keep track of them all.
Now is as good a time as any to re-evaluate your spending priorities, especially with gas prices hitting an average of $5 per gallon. It is time to reassess and ask the hard questions.
Do You Really Need All Those Video Streaming Services?
Amazon Prime Video, Netflix, Disney Plus, HBO Max, YouTube, etc. It seems like every channel or company now has a dedicated video streaming service. If you are like most Americans, you subscribe to more than one platform. With an average price of about $10 per month, most consumers spend between $30 and $40 per month for streaming services, $360 to $480 per year.a
Do you watch all those streaming services? Which platforms do you spend the most time watching? Cutting even one service can save you about $100 or more annually. You might consider converting to a lower payment tier if you do not want to cut the service. Many services offer a lower-priced monthly option if you don't mind ads
Can You Axe Music and Gaming Services?
Music and gaming services are also a part of the lucrative $26 billion streaming industry. As with video services, many people pay for multiple platforms when one or two would suffice. In fact, some video streaming services also provide music streaming at no additional cost. Before paying for extra services, check with the services you already pay for to find out if they offer something similar.
Subscription Boxes Are Nice, but Are They Necessary?
Subscription boxes are fun and interesting. For anyone who remembers the excitement of dollar store mystery bags, a subscription box is a luxurious evolution to those innocent and simpler times.
As fun as subscription boxes are, most services cost between $10 and $40, with better boxes in the upper range. If you subscribe to any boxes, it might be time to consider their usefulness. How much stuff do you actually use on a daily, weekly, or monthly basis?
Are You Really Going To Use That Gym Membership?
Did you know most gym owners only expect about 23% of customers to use their memberships? 77% of people buy a membership and rarely or never use it. Depending on the gym, memberships can range from $120 to more than $500 per year.
If you have a gym membership, how often do you use it? If you go every week or multiple times per week, it is a worthwhile investment; however, if you go once a month or less, you might consider exercising at home and saving money.
There are other potentially wasteful memberships, including newspaper and magazine subscriptions, dating apps, meal kits, etc. Essentially, you need to consider how often you use a service and how beneficial it is.
Subscriptions often cost more than you imagine, and with so many low-cost options, expenses add up quickly. If you want to save money, take a deep dive into subscription services first.