NEENAH (NBC 26) — Subscription services seem to be everywhere. Streaming services, food delivery, video games. But how many are you actually using, and how much are you really spending?
A new report from CNET finds that the average adult spends $91 per month on subscription services, often without realizing it.
Many people sign up for services with a free trial but forget to cancel.
"Little things I subscribed to, like DoorDash or gym memberships, just kept adding up," one consumer told us. "Next thing you know, months go by, and you're still paying for it."
The biggest culprit? Video streaming services.
"With sports being broadcast on so many different channels, you just keep subscribing to more and more to keep up," said Carly Kratz.
Rather than signing up for yet another subscription service like Rocket Money, financial experts say you can use simple tools you already have to track your spending.
Amanda Secor, Chief of Staff at Community First Credit Union, recommends downloading your bank transactions into a spreadsheet to spot unwanted charges.
"If you've got multiple payments going to a service you forgot about, that’s money you could be saving," Secor explained.
Secor says the best way to manage subscriptions is to limit the number of payment methods you use.
"Using one dedicated card for subscriptions can make it easier to track your spending in one place," she said.
Here are some other simple ways to cut back:
- Set calendar reminders to cancel free trials before they renew.
- Check for price hikes before annual renewals.
- Review your bank statements regularly for forgotten subscriptions.
"The simpler your system, the more likely you are to follow through," Secor added.
Most financial institutions offer tools to help manage your money, you just need to ask.
