Unused subscriptions costing Americans hundreds annually, survey says

Unused subscriptions costing Americans hundreds: Survey

Summer is officially in full swing and if you are looking for places to trim your family budget so you can afford more trips and activities with your kids, we know where you can start. FOX 35’s Marlisa Goldsmith spoke with Financial Planner Todd Bryant for some suggestions.

ORLANDO, Fla. - Summer is officially in full swing and if you are looking for places to trim your family budget so you can afford more trips and activities with your kids, we know where you can start. FOX 35’s Marlisa Goldsmith spoke with Financial Planner Todd Bryant for some suggestions.

What we know:

As families look for ways to cut costs and free up funds for summer activities, financial experts suggest a closer look at recurring subscription services. A recent CNET survey reveals that the average American spends $90 per month on subscriptions and wastes nearly $200 per year on unused ones. 

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Financial Planner Todd Bryant offered insights on how these costs often go unnoticed but can quickly add up.

The backstory:

Subscription-based services have become a dominant spending trend in the U.S., with everything from TV streaming to grocery delivery operating on automatic billing. 

Bryant points to a cultural shift where the convenience of auto-renewal masks ongoing costs that many households fail to track — especially during the summer, when discretionary spending typically rises for family outings and vacations.

What we don't know:

While the report offers general averages, it doesn’t specify which demographics or income brackets are most affected by unused subscriptions. It also leaves unanswered whether families are already scaling back or if these tips are preemptive.

Big picture view:

The advice comes at a time when inflation and cost-of-living concerns continue to impact American households. Cutting back on unused services could help families reallocate funds toward more meaningful or memorable summer experiences, such as road trips or family events. It's also a timely reminder to review spending habits in a digital economy where subscriptions are often "out of sight, out of mind."

What they're saying:

Bryant said scrutinizing your monthly or yearly budget will help you see how much you're spending on things you're really not using.

"When you look at your budget, we want to divide it between your fixed costs and your discretionary or your variable costs," said Bryant. 

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He emphasized the wide range of subscriptions, focusing on four areas: streaming (Hulu, Netflix, HBO Max), food delivery (DoorDash, UberEats), music (Spotify, Apple), and shopping (Amazon, Walmart). He said many of these go unused or are underused. 

"I know we’re all guilty of it."

What you can do:

If you are interested in learning more about financial topics from Todd Bryant, you can visit ToddBryantCFP.com.