Have you ever given your subscriptions a second thought?
Our daughter collects keys every time she visits grandma. Well, keys and coins, so basically, anything with a bit of shine. When we leave, I have to ask her to empty her pockets. One of these days, I hope she has more in hers than I do in mine.
Each month, hidden costs quietly chip away at your paycheck—costs you might not even realize exist. By the end of 2025, subscription spending worldwide will nearly hit a jaw-dropping $1.5 trillion. But here's the real question: Are you spending your money, or subscribing to something deeper? In 2017, it was estimated that 35% of Americans have subscriptions without knowing about them, and a report in 2022 discovered that consumers spend $133 more per month over their forecasted subscription spending.
So why do we do it?
Because we like to be entertained. Because we sign up for free trials and “fuhgeddaboudit." Because we don’t really worry about money until the money isn’t there. Because it’s a hassle to cancel. Because it’s oh, so convenient.
Years ago, I would play The (Dave) Ramsey Show over the radio on our family road trips, much to my wife's chagrin. We lived Dave's philosophy when we were first married, and one saying that “stuck” and that I coach is to give every dollar a job. Plan it, track it, and be content with your decision of where it goes.
Perhaps the better question then isn't how much are you spending on your subscriptions, but what are you subscribing to?
Source: https://www.forbes.com/sites/nathanpettijohn/2024/05/07/the-recurring-problems-with-subscription-services/#
#financialawareness
#checkyourcreditcardstatements
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.