Credit: Envato Elements
If you’ve ever stared at your bank statement and wondered how you’re spending so much on things you don’t even remember signing up for, you’re not alone. From streaming TV shows to having dinner delivered to your doorstep, everything seems to come with a monthly fee these days. But now, more Americans are taking a closer look at those “set it and forget it” charges—and deciding it’s time to cut back.
The Silent Wallet Drainers
The modern economy runs on subscriptions. Music, movies, food, fitness apps, cloud storage, even dog toys—just about anything can be paid for monthly. The convenience is undeniable. But that ease comes with a hidden cost: a gradual loss of financial control. Many people don’t track these recurring charges and are shocked when they add it all up.
On average, Americans spend over $1,000 a year on subscriptions, with about $200 going toward services they barely use or forgot they even had, according to a recent CNET survey. That’s real money that could be used for savings, groceries, or a night out that doesn’t involve another app-based delivery fee.
Why Now?
The economic landscape is uncertain. Inflation, job instability, and a growing focus on budgeting have more people tightening their belts. About 6 in 10 U.S. adults say they’re considering trimming their subscription list, and it’s not hard to see why.
“When people’s budgets are tighter, they start asking themselves: Do I really need to be paying monthly for this?” says marketing professor Marco Bertini. “It just feels like a heavier burden.”
That sentiment is echoed by people like Cassandra Navarro of Scottsdale, Arizona, who recently canceled her Hulu, Amazon Prime, and DoorDash subscriptions. Instead of passively paying for content she didn’t watch or food delivery fees she didn’t need, she now shops in-store and picks up her own takeout. “You start to feel like you don’t have control of your life anymore,” she told USA TODAY. “It just all adds up so much.”
Why Companies Love Subscriptions?
There’s a reason so many businesses have embraced the subscription model. Nearly 75% of companies selling directly to consumers offer some form of subscription. It’s predictable revenue for them—and often, a forgotten expense for us.
In some cases, subscriptions make sense, like accessing expensive software or specialty services. But some businesses rely on customers simply forgetting about the monthly charge. That’s where it becomes a problem.
And while some subscription-based companies, like telecoms or software providers, tend to weather economic storms well, others—like streaming platforms and subscription boxes—may find themselves on the chopping block as consumers cut costs.
A Rule That Could Make Canceling Easier
If you’ve ever gone down a rabbit hole just trying to cancel a subscription, you’re not alone. Some companies don’t exactly make it easy to say goodbye. But that might change soon.
The Federal Trade Commission (FTC) recently adopted a “click to cancel” rule, requiring companies to make it just as easy to unsubscribe as it is to sign up. That means if signing up took two clicks, canceling should too.
Originally set to take effect in May, the rule has faced legal challenges and is now expected to be enforced starting July. If it sticks, it could be a game-changer for frustrated consumers.
“No one should be stuck paying for a subscription they don’t want or didn’t mean to sign up for,” said former FTC Chair Lina Khan. We couldn’t agree more.
How to Reclaim Control of Your Subscriptions?
Ready to do a little digital decluttering? Here are some simple steps to get started:
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Audit Your Subscriptions: Go through your bank and credit card statements and make a list of all your monthly charges. Ask yourself: Do I use this? Is it worth it?
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Use Subscription Management Apps: Tools like Rocket Money or Truebill can identify hidden subscriptions and help cancel the ones you don’t need (just remember, these apps often come with their own subscription fee).
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Watch for Renewal Notices: Companies are required to notify you of changes in pricing or renewals. Don’t ignore those emails!
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Set Calendar Reminders: Add reminders to review subscriptions every few months or before trial periods expire.
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Swap Instead of Stack: Instead of subscribing to multiple streaming services at once, rotate them monthly. Or see if your phone carrier or credit card offers free access to premium apps.
Bonus tip: Visit your local library—many offer free streaming, music, audiobooks, and more.
The Bottom Line?
Subscriptions aren’t inherently bad. In fact, they can offer great value when used intentionally. But when they multiply unchecked, they can quietly eat away at your budget and peace of mind.
Taking control of your subscriptions is like decluttering your financial closet. A little effort now could save you hundreds—maybe even thousands—over the year. So go ahead, give that “unsubscribe” button some love. Your wallet will thank you.
