ORLANDO, Fla. – With the rise of streaming services and online subscriptions, many consumers may be unaware of the total costs they’re spending each month.
According to Forbes, the average household spends over $552 a month on various subscriptions, ranging from streaming platforms to software services.
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How many subscriptions do you have?
On average, people have over 10 subscriptions and are paying close to $130 over what they think they are actually paying. So, what can you do to avoid overpaying?
First, regularly audit your subscriptions to identify which ones you truly need and which ones you can live without.
Forty-two percent of people have forgotten that they’re still paying for subscriptions they no longer use. Check your smartphone subscriptions monthly by going to settings, click on your name at the top, click subscriptions and it will list all of your subscriptions and your renewal date.
Additionally, consider bundling services when possible. Change how you pay – setting up a subscription that deducts money straight from your account can be sobering and have you reevaluated which subscriptions you don’t need. And don’t forget to negotiate. Many subscription providers are willing to negotiate on price, especially if you threaten to cancel your subscription.
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Remember, sharing is caring. Just because Netflix has banned sharing subscriptions, amazon lets up to six people share. Through Apple’s family sharing feature, six folks get Apple TV+. And although it’s not allowed in Canada, it’s still ok for Disney+ users to share here in the US.
Contributors to this news report include: Adahlia Thomas, Producer; Bob Walko, Editor.