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Until recently, my family of four felt bad about the economy despite the good signals. Then we sat down, got better control of our budget, and realized how much our household economy had changed in 15 years. Specifically,what felt like an endless supply of monthly app subscriptions that didn't exist in the 2000s.
We had everything from a food delivery app to a habit tracker app. As a family, we had about 20 apps and streaming services with subscriptions that made it easy to forget how much we were spending each month.
But we aren't alone.A 2022 study showed consumers underestimated app subscription costs by $133 a month.
Our subscriptions needed an intervention. Here are the six steps we used to get out of subscription hell and cut our expenses by about $190 a month.
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1. Track everything
An example of a YNAB budgetYNAB
2. Categorize all your subscriptions
Our Peloton subscription passed a key test.Peloton
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3. Avoid annual subscriptions, if possible
An annual subscription can save you 20% on HBO Max, but only if you use it all the time.HBO Max
4. Avoid bundles
Consider how often you need all the apps before signing up for a bundle.Disney+
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5. Always cancel your subscriptions immediately, even if you plan to keep it
Apple iOS subscriptions page.Cork Gaines
6. Don't assume the "deal" you are being offered is the best one available
The subscriptions being offered can vary and can be found in the settings.Cork Gaines