These are the most common things people pay for but forget to use. Be sure to cancel them as the costs can stack up quickly.
Monthly Media subscriptions
Have a Netflix, Hulu, HBO, Quibi subscription in addition to your TV subscription? If you’re not really using these services, it might be worthwhile to consider canceling since costs can easily add up to over $150 per service annually (depending on the plan). Try it for a month, if you MUST have the service sign back up - they’d love to have you back!
Online Media Subscriptions
Many quality news and other websites now require a subscription to access, and we should absolutely support such organizations. However, if you’re reading 1 article a month or not even using the audiobook, is is the service really worth it? (Maybe it is), but it’s important to consider it.
Many eCommerce companies like for you to sign up to subscription packages. Amazon’s “Subscribe & Save” is convenient, but did you know prices can change? You might be saving on pet food this month and next month you might be paying 10% more for that bag of dog chow. Only you can decide if the convenience is really worth it.
There’s many services (like internet subscriptions) where if you switch you still need to cancel the previous service. Don’t forget to do that asap! This is also especially important because they might have a 1-2 week notice period before your service “officially ends” during which you still have to pay.
Short-Term Promotion Services
Beware of services that are free for 1 month, and then suddenly costs money. At a free price they are a great deal, but at the “real” price some services can be not worth it. These services are predatory because they add nothing of value to you and are hoping you forget that you’re paying. Don’t let that happen!
If you have more than one console/gaming service, do you have time to use all of them? It might be easy to forget about Nintendo’s $3.99 online subscription, but that’s going to cost you almost $50 a year - it all adds up.
Subscriptions are oftentimes really cheap for as low as $10 for a whole year. However, some services will auto-renew you after the whole year for a much higher price, and all of a sudden a cool “nice to have” read on your coffee table because a real cost.
Services that don’t work
This is one that we at Compound Wealth hate the most. It includes all services that promise you A, and deliver you B (or really nothing). In a nutshell any service you’re subscribed to should be making your life better in some way by making you money, or saving you time, or making you happy (ideally all 3).