Improve your finances by cutting costs on your subscriptions
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While it is true that the main form of increasing your income is to earn more by either making wise investment decisions or taking another part-time job. While it is not necessary that everyone can invest and earn or land a second job, it is possible for everyone to save and cut down on unnecessary and often hidden expenses. Take, for example, monthly subscriptions of your WIFi, Amazon Prime Membership, Local club, a music streaming platform, and several other countless apps which have transformed the way we perform our daily chores.
You’ve got 30 seconds to estimate how much you spend on monthly subscriptions.
Count everything: your phone bill, your Wi-Fi, your Amazon Prime membership, your music-streaming platform…
What’s the total?
Most Americans severely underestimate how much they’re spending on subscription services, according to a recent analysis by Waterstone Group, a management consulting firm for technology companies.
On average, the 2,500 respondents guessed they spend $111.61 a month on subscriptions. In reality, they spend more than double that estimate — $237.33 a month.
How to Cancel Subscriptions (Because You’re Likely Underestimating)
Now that you’ve had more time to think about it, how much did you underestimate your monthly subscription spend? It’s easy, right?
Those recurring payments are sneaky little things.
Sure, you’ll see the transaction in your bank account or get a copy of your billing statement, but because you’re not actively swiping your card, you might forget about them.
And even if you do want to reevaluate your subscriptions, it’s tough. You have to comb through billing statements for various cards and accounts, then contact these companies. And you know they aren’t going to make unsubscribing easy…
Here’s a simple tip: Use a subscription-tracking tool instead.
There are a number of options out there these days, including the free Empower app.
Once you sign up and connect your bank account, Empower’s “Tips” feature scours your monthly charges and calls out all those sneaky subscriptions in one place.
With a list of recurring charges at your fingertips, you can reach out to cancel any unwanted subscriptions and cut your monthly expenses.