A survey from CNET of 2,440 U.S. adults finds that the average American spends $90 a month on subscriptions. That adds up to $1,080 a year, and as people are tightening their belts in this economy, that’s more than some are willing to keep paying.
- Overall, 80% of U.S. adults have paid for at least one subscription in the last year.
- The thing is, we’re not even using all the services we’re paying for. The survey finds that the average person shells out $200 every year on unnecessary or unused subscriptions.
- So it’s not surprising that six in 10 are considering breaking up with some of their paid subscriptions.
- And 26% have already canceled one.
- The most popular subscriptions are for streaming TV services, like Netflix and Hulu, followed by e-commerce, like Amazon Prime memberships and music subscriptions.
- Millennials pay the most overall for subscriptions at $101 a month, while Gen Z averages the least at $81.
Thinking of canceling a subscription you don’t want anymore? Here’s how to find and cancel and save on them:
- Use a budgeting or subscription management app - Sure, you have to pay for them, but apps like Rocket Money can identify and cancel unwanted subscriptions for you.
- Do a subscription audit - Look at your credit card bills and bank statements to see what subscriptions you’re paying for and decide what’s still worth it for you.
- Watch for renewal notices and price increases - Know how much it’s going to cost you in the future and set up calendar alerts to stop automatic renewals.
- Rotate your TV streaming services - Just subscribe to one or two at a time and swap them out regularly to keep costs low.
Source: USA Today
Document: GrafikLab / DigitalVision Vectors / Getty Images