3 Signs You’re Spending Too Much on Subscription Services

When you analyze your monthly budget, it may be easy to overlook all the little auto-pays you have going out to a streaming service here or a monthly product there. The best way to cut back is to track your expenses and see where you have some wiggle room to improve your saving and spending habits.

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For many, the subscription business model has replaced having a cable bill or paying for albums or songs individually. But are you spending too much overall? Let’s take a look.

How You Know You’re Wasting Money on Subscriptions

With everything being available online, the competition for your attention through different types of subscription offerings is stiff. It’s easy to add Hulu for one month and Netflix for another without sitting down and totaling how much you spend on each service separately, let alone altogether. Here are some key signs you could be spending too much on subscription services or products: 

• Sign 1: The amount of streaming subscriptions you have surprises you. If you add up all of the streaming platforms you pay for and find some you’d forgotten about — it may be time to cancel that payment. 
• Sign 2: You’re having trouble making ends meet. If your monthly budget is too tight to breathe, there may be a way to free up some cash. As streaming subscriptions fall under discretionary spending, you can cut back on these and save some money.
• Sign 3: You discover things you don’t use. With subscription models’ automated bill pay feature, it’s easy to forget you’re paying for something you no longer want or need.

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The Actual Cost of How You Stream

Does ditching cable and switching to entertainment subscription services actually save money? Generally, the answer is yes, but whether you signed up for a free trial and then started paying for something or you’ve been a customer since day one, the true cost of all your subscriptions added up could surprise you.

How To Find and Cancel Subscriptions You Don’t Use

Subscription service fees might seem insignificant on an individual or month-by-month basis, but those fees can add up over the course of a year. If you subscribe to multiple services, that can put a big dent in your annual budget. So, to make sure you’re getting your money’s worth, it’s important to review the services that you’re paying for periodically.

To do this, go through your credit card and bank account statements for recurring expenses. Here are some tips and tricks for tracking down your subscription service charges:

• Make a list of the services that you’re paying for and their exact costs to figure out how much you’re spending overall for these services.
• Be careful to not overlook services such as Amazon Prime, which people often pay for annually instead of monthly.
• Use a mobile app such as Trim to analyze your accounts to find recurring subscription charges.

Going through this process will help you identify subscription services that you signed up for and might have forgotten about or aren’t using enough to justify the cost. Having itemized expenses right in front of you in black and white can clearly show you the changes you need to make.

For the subscriptions you use more frequently, look at the ones that offer similar services — such as Netflix and Hulu — to determine whether you can get by with just your favorite and cancel the rest. Though it may be hard to let go of some of your favorite streaming platforms, remember that you can always sign back up for services you miss and edit your budget in other areas.

Final Take To GO: Save Where You Can

If you don’t want to part with any of your services long-term, find other ways to cut the costs. For example, look for promotional deals by entering the name of the service and the term “coupon” or “promo code” in a search engine to scrounge up some savings. Every little bit helps.

You might also be able to get a better deal by negotiating with your service providers or bundling. Let them know you’re unhappy with your service and considering switching to a competitor. Or, ask your providers if they offer a discount for prepaying for a service rather than making monthly payments.

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This article originally appeared on GOBankingRates.com: 3 Signs You’re Spending Too Much on Subscription Services

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