(WBBM NEWSRADIO) — It’s not your imagination: Monthly subscriptions cost more than they used to. In 2023, Netflix, Hulu, Disney+ and Apple TV+ were among multiple services that upped at least some of their monthly prices — and for those who are looking to get their budget in line, auditing your subscriptions is likely a great place to start.
Ted Rossman, an industry analyst at the New York-based creditcards.com, joined Rob Hart on the WBBM Noon Business Hour this week with key advice on how to cut out some of these unwanted fees.
“This is actually a really great time to take a look through your credit card bills, your bank statements,” he said. “Figure out where these money leaks exist. Chase reported that 71% of Americans waste more than $50 per month on unwanted subscription fees, so you multiply that out by the 12 months of the year … we could be talking at least $600 here.”
Step one, Rossman said, is to “comb through those bank and credit card statements” and look for any suspicious charges, such as free trials that you never opted out of or duplicate charges.
“Maybe you signed up because you wanted something once upon a time and then you kind of forgot about it,” said Rossman. “It may just seem like a few dollars here and there, but it can really add up at scale.”
If it’s a service you enjoy and still use regularly, Rossman added that some companies are willing to negotiate with existing customers.
“I’ve actually done this with my satellite radio provider,” he said. “Every so often, they try to raise my rate, and I call them up and I say, ‘Can I get the old rate back?’ And it seemingly always works. Sometimes when you call to cancel, or you ask to go to the retention department, maybe they can cut you a deal.”
It’s worth noting that subscriptions don’t have to be “all or nothing,” according to Rossman. Services that you only use during certain months of the year don’t need to be something you pay for all year-round.
“I’m a big hockey fan, and right now I’m subscribing to a streaming service where I get all the games; I probably don’t need to pay for that over the summer, during the hockey off-season,” he said. “Whether it’s a hit show that’s only on a few months a year or a sports season or something like that, you can also come and go. There’s nothing prohibiting you from coming back at a later date.”
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