On the surface having numerous subscriptions may seem like a non-issue to your budget. They appear to be harmless because they carry small charges typically $20 and under. However, having too many subscriptions especially when they bring no value to your everyday life becomes a waste. You now have money going down the drain that could be reinvested into other areas of your life.

Let us take a closer look at how the small charges that bring no value add up overtime. A $10 subscription seems harmless upon purchase but, we often always have multiple subscriptions so that becomes $10 per month for 5 different subscriptions valuing $50 per month and totaling $600 annually. 

Please make note that not all subscriptions lack value. You do not have to cancel all of them. The goal is to observe where you are currently and see if your current subscriptions align with your priorities and needs.

Here are 10 common subscriptions that could be costing you more than you realize.

1. Streaming Services — Netflix, Hulu, Disney+, Peacock, Paramount and other streaming platforms can add up when you subscribe to several services at once. Often times out of many only 2 platforms are used frequently.
2. Music Subscriptions — Monthly payments for music streaming services may seem small, but they become another recurring expense to manage.
3. Unused Gym Memberships — Paying for a gym you rarely visit means money is leaving your account without providing much value.
4. App Subscriptions — Productivity tools, meditation apps, and premium mobile in app features can create recurring charges you may forget about.
5. Cloud Storage Plans — Monthly fees for extra photo, video, and file storage can accumulate, especially if you pay for multiple storage services.
6. Premium Memberships — Shopping memberships and delivery perks may not be worth their cost if you rarely use their benefits.
7. Food Delivery Memberships — Delivery subscriptions can encourage frequent ordering, while delivery fees, service charges, and tips may still be required.
8. Subscription Boxes — Beauty products, snacks, clothing, and lifestyle boxes can become expensive recurring purchases, especially when you don’t need every delivery.
9. News and Digital Publications — Digital newspapers, magazines, and premium content memberships can add to your monthly expenses. If you notice you don’t keep up with reading them it might be best to cancel them. 
10. Free Trials That Became Paid Subscriptions —Companies count on you to forget you opted into a free trial. Forgetting to cancel can quietly turn into recurring charges that continue for months.

How To Find & Combat These Money Leaks

Step 1: Review your transactions.

Look through the last 30 days of bank and credit card statements. Include recurring charges, shopping purchases, food spending, fees, and small everyday transactions.

Step 2: Separate your expenses into categories.

Group your spending into categories such as housing, utilities, groceries, subscriptions, transportation, dining out, shopping, debt payments, and entertainment.

Step 3: Identify spending patterns.

Look for expenses that repeat frequently, purchases you regret, services you rarely use, or categories where spending regularly exceeds your expectations.

Step 4: Choose your top three money leaks.

You do not need to change every spending habit at once. Start with the three expenses you can realistically reduce without compromising essential needs.

Step 5: Give the money a new purpose.

Decide what you will do with the money you free up. You could build an emergency fund, pay down debt, prepare for upcoming expenses, or work toward a personal savings goal.

Step 6: Review your progress monthly.

Check whether your changes are working. Adjust your approach when necessary and celebrate consistent progress, even when the amount saved seems small.

Remember the goal isn’t to get rid of everything. You shouldn’t have to deprive yourself of the things you enjoy. Prioritize taking some time to audit your subscriptions and make note of the ones that bring value and the ones that don’t bring value.

Check out our Money Leak Audit workbook below which includes a subscription audit tracker sheet to help you identify which subscriptions are best to keep.

Audit Your Subscriptions HERE