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How many subscriptions are you paying for? Here’s how to bust unwanted expenses

Credit cards (bernie_photo/Getty Images/iStockphoto)
(bernie_photo/Getty Images/iStockphoto)

MONTGOMERY COUNTY — More than 85% of people have at least one paid subscription they aren’t using each month, according to a new study.

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As reported on News Center 7 at 5:30 p.m., Financial Tech Company “Self” found that on average, people spend almost $33 a month on unused subscriptions.

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Kaimeco Fairfax is trying to buy a house, and she decided to take a close look at her spending when she got an eye-opener.

“Every single day something was happening and I did not know,” Fairfax said.

Her son had purchased games, she had subscriptions she didn’t use, and she was even paying for the same streaming service twice!

“Oh, that’s just 11 dollars, but it happens twice a month, so that’s 22 dollars! Not even paying attention,” Fairfax said.

It’s easy for these charges to slip through the cracks.

They are often recurring, and in small amounts, so they fly under the radar.

“It’s so easy to pay your credit card and not look at it,” Sara Rathner, a credit card expert at NerdWallet, said.

To get rid of wasteful spending, she says that first you should take a close look at your credit or debit card statement.

“But dive in, look at it, it’s available on your phone, on the app, or online all the time,” Rathner said.

To avoid recurring charges, make sure to:

  • Use Calendar reminders to know when a free trial expires or when a subscription renews.
  • Get a confirmation when you cancel.
  • Avoid saving your credit card information on websites.
  • Sign up for credit card alerts, so you are notified every time a charge is made.
  • Use budgeting apps like NerdWallet or Rocket Money to track your spending.

“It takes the guesswork out of where your money is going and trends over time of your spending,” Rathner said.

In the end, Fairfax was able to cut out $52 a month in subscriptions.

“Small infractions, most of the things were about 3.99 a month, so you don’t even notice,” Fairfax said.

These days, every dollar counts.

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