Are you wasting money on subscriptions you don’t really need? Cancel these and start saving.
Do you know how much you spend each month on paid subscriptions? You may be surprised to learn you’re spending significantly more than you thought.
A recent consumer survey found that nearly a third of consumers underestimate their monthly subscription costs by between $100-199; more than half of consumers underestimate by at least $100.
What’s the cause of this disconnect? One answer: the survey reports that 42% of consumers forgot they were paying for a subscription they never use.
If you’re looking for a low-effort way to save money, start with canceling unused or unnecessary subscriptions. Check out our bottom line for a powerful tool to help you save.
Hot Tip: Want to automatically cancel subscriptions you don’t use? Check out Hiatus app featured at the bottom of this article.
1. Gym memberships
Did you know 6.1 million Americans waste $397 million on unused gym memberships each year? Whether it’s a New Year’s resolution or a new health kick, people sign up for the gym but don’t go as much as they hope.
If you’re not making the most of your gym membership, consider less expensive exercise alternatives. For instance, you can walk or jog, watch free YouTube workout videos, or purchase home weights. Opting out of the gym can save you hundreds of dollars each year.
2. Cable TV
Are you still paying for cable TV? In this digital age, chances are you’re also subscribed to a variety of streaming platforms.
Cancel your cable subscription and instead rely on video streaming services; you’ll save hundreds of dollars each year. YouTube TV is another less-expensive alternative to cable.
3. Streaming Services
While we recommend cutting out cable, don’t go overboard by subscribing to every video streaming platform under the sun. Most platforms have unique content, making it tempting to subscribe to them all – which negates any financial gains from “breaking up with cable.”
A benefit of streaming services is that there’s no contract involved. You can subscribe and cancel any time you want without penalty. Set a monthly budget for streaming services. If there’s a show on HBO you love, subscribe to that platform until the show’s season ends. Then, you can pause the subscription and use that money to pay for another service.
It’s easy to lose track of the streaming channels you’ve signed up for. Check your bank statements to identify any subscriptions you don’t use and cancel them.
4. Music Subscriptions
82.1 million Americans pay for music streaming. Are you subscribed to a music streaming service but don’t use it frequently enough to justify the cost?
Evaluate how much you stream music and decide if you’re getting your money’s worth. Some music streaming platforms like Spotify have a free version that offers most of the same benefits with some advertising and service limitations. Many artists post music on Bandcamp, where it’s often free to stream.
5. Credit Monitoring Services
Are you paying for monthly credit score reports? Credit monitoring companies like TransUnion and Experian charge monthly fees of $20-30 for reports. However, you could be getting the same reports for free!
Most major banking institutions like Bank of America offer credit reports on their app. You can avoid paying hundreds of dollars a year for credit reports by getting them for free from your bank.
Do you ignore monthly subscription charges, thinking one day you’ll use the services enough to justify the cost?
Or do you not even know what you are subscribed to? Hiatus is an app that breaks down all of your subscriptions, finds better prices, and is able to cancel subscriptions with a touch of a button. Check it out to manage all of your subscriptions to start saving today!