Take control of your subscription spending

Do you pay for a subscription that maybe you forgot you even had? It’s not uncommon that we sign up for a subscription to get a free trial and forget to cancel it once the trial is up.

Streaming services have become a modern-day convenience, ranging from TV subscriptions to meal services. These services are usually a monthly recurring payment that can easily be forgotten about.

A study found 84% of Americans underestimate just how much they spend on subscriptions every year. On average, people with subscriptions pay about $90 a month or $1,080 a year. It also was found that, on average, a person spends $200 on unused subscriptions a year.

Here is a guide to help you identify your recurring bills and evaluate what can be kept and what you could go without.

Make a list of recurring charges

Look through credit card and bank statements from the past few months to find recurring charges. Don’t forget about subscriptions that have an annual charge rather than a monthly.

Common subscriptions or memberships to look for include the following:

—Streaming services like Netflix, Hulu, Spotify and Disney Plus.

—Cable packages.

—Amazon Prime.

—Gym memberships.

—Mobile apps.

—Extra storage for your phone.

—Gaming.

—Subscription boxes for meals, snacks and beauty.

Once you have looked at what services you have, add up how much you are spending each month on these items. Did your total surprise you? Did you find any subscriptions you forgot you had?

Evaluate each subscription

Ask yourself some questions:

—Do I regularly use these services?

—Is there a cheaper alternative?

—Could I manage without?

—Do I have services that are duplicates?

Narrow down the subscriptions you use and which ones you need. If you are like me, sometimes life gets in the way of making it to the gym, and you hold onto the membership, thinking someday you might go.

Cancel unnecessary subscriptions

Identify which subscriptions you could get rid of and cancel them immediately. Be sure to check statements and make sure the cancellation did go through. I have had that happen when I canceled a membership and still found the charge for the following month.

Check for better rates

Call different providers or shop around for better rates. If you have a service you use and plan on keeping, see if changing to an annual rate would provide any kind of discount.

The convenience of subscriptions is nice, but it’s important to evaluate and monitor which ones you use and how much you are paying for them. Staying on top of your spending can help prevent spending leaks and keep your finances on track.

Kaitlynn Tonn is a family and consumer sciences educator at OSU Extension Wayne County. She can be reached at 330-264-8722 or tonn.13@osu.edu.