Here’s How Much the Streaming Service You Forgot to Cancel Could Cost You Each Year

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Many people forget to cancel new streaming subscriptions before the free trial period ends. Find out how much money unnecessary subscription fees cost you. [[{“value”:”

Streaming subscriptions are a typical expense for many households. These services provide a convenient entertainment solution but come at a cost. In recent years, many streaming platforms have continued to increase subscription rates, further impacting subscribers’ wallets.

Monitoring your spending is crucial so you know where your money is going. Otherwise, you may still be paying for a service without realizing it. I’ll show you how much money you could waste by forgetting to cancel a subscription service you no longer use.

Keep track of your spending

When was the last time you carefully looked at your bank account and credit card statements? You may be spending more money than you think if you’re not reviewing your recent transactions regularly.

Setting realistic spending limits and following a budget can be helpful if you want to feel more in control of your spending. Using tools like budgeting apps can make it easier to stay on track of how you spend your money so you’re informed.

Many people have little extra money left over for savings or other financial goals because they spend more than they realize. If you use streaming platforms, you may be paying for services you no longer use if you’ve previously signed up for a free trial and forgot to cancel it.

Don’t waste your money on forgotten subscriptions

While one forgotten subscription may not seem like a big deal, every additional dollar you spend adds up. If you’re paying for a subscription you aren’t using, it’s impacting your finances.

Perhaps you signed up for a new-to-you streaming service months ago and forgot to cancel after the free trial period ended. This additional expense is making your credit card bill more costly than it needs to be.

How much money are you wasting on forgotten subscriptions? Let’s review the monthly cost of a few popular streaming service plans. I’ll also show the yearly cost, assuming you’re signed up for a monthly plan and pay for the service for an entire year.

As you can see, forgetting to cancel a streaming subscription you no longer use could cost you nearly $100 or more than $200 yearly. That cost could be even higher if you pay for multiple services you don’t use or continue paying unnecessary fees like this for more than a year. Make sure you review your spending so you’re not wasting money.

Doing this can help you avoid spending more than you planned

As soon as you sign up for a free trial, whether for a streaming service, membership, or software, mark your calendar or set an alert on your phone immediately to remind yourself to cancel before the free trial period ends. This can help eliminate forgetfulness.

If you like the service and want to continue paying for it, that’s great news — you can ignore the reminder. But if you’re still unsure, your note will remind you to check in and decide if you want to keep the service and pay the cost or cancel before you get billed.

For additional money tips, check out our personal finance resources.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple and Netflix. The Motley Fool has a disclosure policy.

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