Americans are buying more and more subscription services every year, but this could also be harming their budgets every month
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According to the study data, which was compiled after questioning 2,500 Americans about their spending habits, 84 percent of respondents underestimated how much they actually spend on subscriptions each month. Out of those, 23 percent of respondents underestimated what they spent on subscriptions by $25 to $99 and another 27 percent underestimated subscription spending by $100 to $199.
“Clearly, most Americans are unaware of how much they spend on subscription services,” they write. “When pressed for a quick answer, they dramatically underestimate the amount. This is a boon for companies operating subscription models… and a bust for advocates of conscientious budgeting.” If you don’t want to use an app or a third party, you can also take stock of your subscriptions on your own. All you have to do is break out your last six months of bank statements and credit card bills, then look them over for subscriptions you’ve paid for. From there, you can figure out which ones to keep and which ones to cut, then call each company you plan to nix from your budget or cancel them online.
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