According to Subscription Service, Statistics and Cost Research, the average consumer spends $133 a month on subscriptions, which amounts to about $1,600 a year.
But as more and more platforms have these services, people are becoming tired of them.
Apple TV, Disney+, Netflix, Spotify, Hulu — these are things we do for fun, add on your favorite fitness app, and what we use for work, you end up with subscription overload!
A survey found that 42% of Gen Z and Millennials subscribe to six to 10 services, compared to 24% of Gen X and Baby Boomers.
It’s so exhausting that you might get subscription fatigue. You feel overwhelmed and frustrated by the increasing number of subscription services and products available.
So, what can you do? Try to downgrade! For example, Netflix charges $17.99 a month. Instead, drop it to $7.99 if you don’t mind ads.
Apps like Rocket Money and Pocket Guard connect to your bank accounts to identify all your recurring subscriptions. This allows you to easily see exactly what you’re paying for, track the monthly costs, and often provides tools to cancel unwanted services directly through the app.
The app Trim analyzes your bank accounts. It also offers bill negotiation services.
If you want to still keep the subscription, just in case, you can freeze your account! While you can’t gain access to the benefits, it’s still there if you want to go back.
You can also consider rotating your streaming subscriptions. Instead of paying for multiple services at once, subscribe to one or two, binge-watch your favorite shows, and then switch to others. This way, you only pay for what you’re actively watching.
And always be on the lookout for free alternatives. Your local library may now offer free streaming services like Kanopy to library cardholders.