Netflix, Hulu Plus, Sling TV, MLB TV, Tidal, Google Play Music, Amazon Prime, Texture, The Wall Street Journal, and HBO Now total $157.91 a month in subscription fees. Embarrassingly, that is my monthly bill for multimedia content since I cut the cord on cable TV. The worst part of this financial exercise is that I finally figured out how much I spend every month on digital media. The best part of this financial exercise is that I FINALLY figured out how much I spend every month on digital media.
The lesson is to take a look at your digital media subscriptions. It’s very easy to sign up for digital subscription services with the methods provided to us by Google and Apple. We hand over our credit cards to the Google Play Store and Apple App Store so we can pay for content with the simple click of “Purchase”. A physical barrier to subscribe to content doesn’t exist like going to see a movie in theaters. You can spend money at any time of the day or night, and easily forget what services you subscribed to.
Take a few minutes and add up your monthly subscription fees, then multiply by 12 months to get your yearly total. My yearly total spenditure is $1894.92. Actually my yearly spenditure was $1894.92 a month for all of the content.
After looking through my subscriptions list at the Google Play Store I cancelled Hulu Plus at $7.99/month, Sling TV at $20/month, Tidal at $20/month, Texture at $14.99/month, and HBO Now at $14.99/month. I forgot that I subscribed to a few of these apps, but finally sat down to figure out where my money was going after looking over my bank statement. I now save $77.97 per month by cancelling these subscriptions. Over the course of a full year I now save $935.64. That’s roughly the cost of a brand new Samsung Galaxy Note 7 with taxes included!
Most of you probably aren’t as bad with your money as I am, but there is a small chance you may be wasting money on a subscription that you forgot about. Check your credit card statements and look for digital subscriptions you aren’t familiar with. Or open the Google Play Store app on your Android device, click Account followed by Subscriptions to check for unused services.
Maybe you are as bad as me. It’s easy to subscribe to watch/read/listen to new content in the spur of the moment especially when there are free trials with automatic billing later. Think about what you really need and what you don’t need. Try cancelling a few of your subscriptions. If you really want the subscription back, you can just sign up again. You won’t miss out on much though I bet.