An Easy Way to Save Money
How many subscriptions do you have? How many subscriptions are you paying for that you don’t even realize? According to Hiatus, a company that recently launched a personal subscription manager, their survey says we are wasting a lot of money. You forgot about the free trial that ended. You forgot to cancel the auto-renewal feature. Whatever the reason, the survey points to a lot of money being wasted. Bear in mind that over $500 billion worth of subscriptions are being consumed each year.
Their survey results tell the story.
-62% have paid for unwanted subscriptions or memberships because they failed to cancel an auto-renewal feature.
-Over half of the survey respondents didn’t know how many subscriptions they currently have.
-More than 70% of the surveyed consumers say they continue paying for unwanted subscriptions because they simply forget to cancel the service before it’s renewed.
-29% say they didn’t know the service was set for auto-renewal.
-Almost 19% of the respondents say it takes too much effort to cancel the service.
-Only nine percent say they didn’t cancel because they thought they would eventually need the subscription or membership again.
-Almost half of the survey respondents don’t know how many of their subscriptions, memberships or free trials are still active and more than three-quarters of the respondents say managing memberships is inconvenient.
-Not surprisingly, more than 66% say the inconvenience of managing free trials and subscriptions has stopped them from signing up for new ones.
What seemed like a good idea at the time ends up being wasted money. So do yourself a favor and audit your credit card and bank statement. You might just find some wasted money that can turn into savings!
Bob Brooks is host of The Prudent Money Radio Show, Financial Advisor, and active money manager that consults and helps people plan.