U.S. Households Spend Over $200 on Monthly Subscriptions. How Do You Compare?

Americans spend $219 each month on subscription services. 

If you pay for subscription services, you may be spending more than you realize. Many households use multiple subscription services at once, and it can be easy to forget about some. You may still be paying for services you don't use. A recent study found that Americans spend over $200 on monthly subscriptions. How does your spending compare? 

Subscription services can make our lives better. We can get food, beauty products, clothing, and household essentials delivered to our homes regularly. Streaming app services allow us to stream movies, tv shows, and music whenever we want. But all of these services cost money. 

C+R Research conducted a study to see how much Americans spend on monthly subscriptions. It turns out that many people think they're spending a lot less than they are.

The study found that Americans, on average, are spending $219 each month on subscriptions. What's interesting about this is most people vastly underestimate how much they spend. 

When respondents were asked how much they think they spend, the average answer was $86. That's a big difference. 

Do you know how much you're spending on subscriptions? 

If you rely on subscription services to make your life more convenient, you may be spending more than you think. Many Americans don't realize how much money they waste every month because they don't track their spending. 

If you have no idea how much you spend on subscription services, you may want to start tracking your spending. One easy way to monitor your spending is to use budgeting apps. After several weeks of using one of these apps, you'll have a clearer picture of where your money is going.

You may find that you need to make some changes. If you're unhappy with some of your purchase choices, you can set a budget and alter your spending habits. 

It's never too late to make small changes that can positively impact your finances. 

How to limit your spending on subscription services 

You may be paying for subscriptions you don't use often or don't use at all. 

These tips could help you lessen your spending without giving up subscriptions completely: 

• Take advantage of free trials. You may be able to get a free trial or a discounted price the first time you try a new subscription service. This is a great way to test out a service before committing to see if you want to continue to spend money on it. 
• Rotate some subscriptions. You may want to try rotating some of your subscriptions. If you use a streaming app, for example, to watch a specific show -- start your subscription when the latest season drops. Once you catch up, pause or cancel the subscription until you need it again. There's no sense in wasting money if you're not using it regularly. 
• Consider the value it brings to your life. If you're looking to save money, consider each subscription service's value. If a service isn't making your life better, cancel it.  

As everyday prices increase, we're all looking for ways to manage our money better and minimize overspending. If you're looking for additional pointers, the following personal finance resources may be helpful.