4 Smart Steps to Manage Subscription Spending

Trying to save some extra money? Consider reviewing how much you spend on subscription services in order to cut some unnecessary spending out of your monthly budget. In fact, a 2021 study revealed that most Americans vastly underestimate how much they spend on subscriptions by a whopping 340%! To get a holistic view of how much you actually spend on recurring services, consider making these four simple moves.

Once you realize how much you’re spending on subscriptions monthly, cut back on the extra services you don’t use frequently. Doing this audit shouldn’t be a one-time task; instead try to make it at least a quarterly habit. After all, you’re likely to add new expenses as your interests shift and you should make sure you’re still using the existing subscriptions. Set a calendar reminder to unsubscribe from unused services on a regular basis. There are a variety of apps that will review your subscriptions and prompt you to cancel if you haven’t used them recently.

As you free up additional cash from subscription services, don’t spend it on extraneous things. Assign that money to a new savings goal to stay motivated and mindful of your spending. Try using this streaming calculator to determine how much those monthly costs add up over a lifetime. Seeing the total figure over the course of decades illuminates how much you could save up for other worthwhile goals.

Subscription services aren’t a bad thing. They’re convenient and can keep you from spending on more expensive items, like going out to the movies or buying every new album you like. You can enjoy your subscription services and easily keep track of them by maintaining all these recurring charges on the same card. Consider utilizing your DCU Visa® Platinum credit card to consolidate your costs and easily review your subscription spending on a monthly or quarterly basis by reviewing your credit card statements.

Don’t have a DCU Visa® Platinum credit card? Apply now, and get smarter about tracking your spending with a low rate and no balance transfer fees.