Since the COVID-19 pandemic began, have you increased the amount of subscriptions you have signed up for due to stay-at-home orders? If you have, you definitely are not alone.
In fact, from April 2020 to December 2020, 50% of households added a streaming service subscription to their arsenal of subscribed services. In April, the average household had subscribed to three streaming providers, but in December, the number grew to four streaming providers, according to a J.D. Power study.
Because of the bump in subscribed streaming service providers, the average household now spends $47 per month on streaming service subscriptions, which is up from the $38 per month spent just a few months earlier.
Of course, subscriptions come in more forms than just streaming services. There are subscriptions to weekly meal kits, supplemental educational boxes for students, toy boxes for pets, monthly clothing boxes, etc.
You could name just about anything under the sun and there is most likely a subscription service for it that ships packages of goods directly to your door so you do not have to leave your house to purchase the items.
When Is Too Many Subscriptions Too Much?
Thanks to the Internet, it can be easy to forget how many subscriptions you actually sign up for, especially when you sign up for things like streaming services. You cannot tactically hold these subscriptions in your hand, unlike a meal kit subscription or pet toy subscription box.
Even if you are subscribed to boxes, you may grow tired of them or become unamused with them, but you may forget to log-in to your online account and cancel your subscriptions. As a result, you are paying for services and boxes you do not even want every month and the price tag can add up quickly depending on how many subscriptions you have.
This topic then warrants the question: Are you part of the 71% of people who waste over $50 every month on unwanted recurring subscriptions? Statistically speaking, you probably are.
In April 2021, Chase Bank published a study that concluded the finding while conducting a survey on recurring payments.
60% of the people polled by Chase also said they had forgotten about at least one recurring payment recently and 56% said it takes them, on average, around three months to track down and cancel an unwanted, recurring payment.
Since the same study found that 78% of people have at least one recurring subscription and 50% have at least three recurring subscriptions, forgetting about recurring payments and having a difficult time tracking them down to cancel them happens more often than you may think.
All these subscriptions can add up to a hefty price tag and add insult to injury in regards to your bank account when you end up not being able to keep track of them.
Do you need assistance when it comes to managing your subscriptions, canceling the ones you do not need anymore and balancing a budget in general?
Help could be on the horizon.
Truebill Can Cancel Unwanted Subscriptions
The help you need to find and cancel unwanted subscriptions is only a few clicks away thanks to a money-managing app called Truebill.
You can download the app for free in either the iOS or Android version—or you can sign up online for free—and it can help you become empowered to save more, spend less and take control of your financial life all in one convenient location.
80% of Truebill users have saved money by using the app’s most-helpful feature of finding and cancelling unwanted subscriptions. Some users even say they save $80-$100 every month since Truebill canceled subscriptions they had previously signed up for and forgotten.
Once your account is set up, the app finds all your subscriptions and puts them in one convenient list for you to look through. You can then cancel the subscriptions you do not use yourself or you could use Truebill’s concierge option to do it for you.
The concierge does all the leg-work of canceling subscriptions for you while you go on living your life like normal, but with the new addition of some extra cash in your pocket. It is truly that simple and it can save you a lot of money in the long run.
Truebill offers more to you than just cancelling unwanted subscriptions. You can also track your spending, stay on top of bill due dates, save money with its Autopilot Savings feature, track and understand your credit score as well as enjoy complete access to your entire credit history andyou’re your credit reports. Additionally, your Truebill concierge can also identify specific bills you have that can be negotiated to lower rates, which is great news for your bank account as well.
You can put an end to wasting money on your unwanted or forgotten about subscriptions thanks to Truebill when you download the app and create your very own account today.