Americans wasting money on unused subscriptions, report says: Here's how to manage them
SAN FRANCISCO (KGO) -- You might be wasting hundreds of dollars a month on forgotten subscriptions. 7 On Your Side's Stephanie Sierra has some tips to stop unused subscriptions from draining your wallet.
A new report from CNET says Americans are throwing away $252 a year on subscriptions they forgot they had, forgetting to cancel after a free trial, or by simply not using them.
We're talking streaming apps, gym memberships, music subscriptions and more.
That's up from $204 last year.
Millennials and Gen Z are wasting the most money on unused subscriptions, by $29 and $27 every month, respectively.
It doesn't help that the cost of some subscriptions have gone up an average of $20 the last two years.
So, while you might forget about these subscriptions, your wallet certainly remembers.
Here are some tips to manage your subscriptions
First -- use a budgeting app that track which subscriptions you pay for such as "Rocket money."
Second -- look at your monthly credit card statement at least once a month-- to see which apps you pay for, and don't really use.
Lastly, make it easy on yourself.
You can use the Apple App Store or Google Play's subscription manager to track and cancel any subscriptions you bought.
MORE: Where does my food come from? Here's where to look to find 'country of origin'
A CNET survey says the most-bought subscription, but not necessarily the most wasted one, is streaming and video platforms with 61%.
One way to save -- is using a bundle package or subscribing only when your favorite TV show is on.
Take a look at more stories and videos by 7 On Your Side.
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