As 2022 comes to a close and the cost of living continues to climb, many Canadians are looking for ways to cut back on spending 91裸聊视频� and some are looking to trim down on subscriptions.

But with subscription services offered in almost every category these days, it can be hard to keep track of exactly how much you91裸聊视频檙e spending on a monthly basis.

Heading into the new year, freelance journalist John Loeppky took stock of his finances and noticed a lengthy list of regular credit card charges.

91裸聊视频淚t can very easily get away from you,91裸聊视频� he said.

For both business and personal use, Loeppky had lost count of how many subscription services he was paying for. While many of them are services he, needs, uses often or values enough to keep, there were a few he wasn91裸聊视频檛 using and a few he had forgotten to cancel.

It91裸聊视频檚 tempting to see a charge on your credit card and tell yourself you91裸聊视频檒l deal with it later, he said, but when you actually do the math, all of these subscription payments add up to the equivalent of a few mortgage payments every year.

91裸聊视频淚t91裸聊视频檚 that thing where it91裸聊视频檚 a death by a thousand cuts.91裸聊视频�

Subscriptions aren91裸聊视频檛 a new concept, but these days you can subscribe to almost anything. You can get wines of the month, novelty cereals, or even specific products like moisturizer on a recurring basis. You can subscribe to get regular deliveries of shampoo and conditioner, dog treats, and printer ink. And then there are the less tangible subscriptions, like online storage, password managers and 91裸聊视频� perhaps ironically 91裸聊视频� budgeting apps.

One of the most ubiquitous subscription categories is, of course, entertainment. An October survey by the Angus Reid Institute found that more than four in five Canadians have at least one streaming service, up from around half in 2016, as more and more shift from cable and satellite TV to digital options. (The survey also found that some Canadians were cutting back on streaming subscriptions in response to the rising cost of living.)

These streaming subscriptions might not cost much individually, but Angus Reid found that 23 per cent of Canadians have three, while another 17 per cent have four. Say you had the basic packages for Netflix, Crave, and Disney+; you91裸聊视频檇 be paying more than $40 a month on those services alone.

Add on a meal kit for two, razor blades, a personal interest subscription box, Spotify or Apple Music, cloud storage, a Patreon subscription for your favourite podcaster, a couple of news outlets, an audiobook subscription, and the premium tier of a food delivery app 91裸聊视频� you could be looking at another $200 or more per month.

In fact, there are so many subscription options that there are now apps to help you manage your subscriptions (and some of those apps are themselves subscriptions).

Companies seem to have caught on to how lucrative the subscription model can be, said Jessica Moorhouse, a money expert and host of the More Money Podcast, in an email.

91裸聊视频淟ike many other Canadians, I91裸聊视频檝e definitely fallen into the trap of having pretty much every TV subscription available,91裸聊视频� said Moorhouse, adding that she also subscribes to Spotify and a fitness app.

Because she tracks her spending, Moorhouse finds herself with plenty of opportunity to review her monthly costs and cut the ones that aren91裸聊视频檛 worth it.

Often people don91裸聊视频檛 even know how many subscriptions they have or how much they91裸聊视频檙e costing on an annual basis, she said.

If you91裸聊视频檙e trying to cut back on subscriptions, Janet Gray, an advice-only financial planner with Money Coaches Canada said you should see whether any of the ones you have offer a 91裸聊视频減ause91裸聊视频� option. That way you can try going a few months without them to see whether you really miss them.

While some subscriptions offer a discount if you pay for a year, Gray recommends taking the monthly option if you91裸聊视频檙e having trouble keeping track. That way you can better monitor your subscription costs and avoid a nasty annual surprise, she said.

If you91裸聊视频檝e signed up for a free trial, Gray said you should put a calendar reminder right away to unsubscribe so you don91裸聊视频檛 end up with a surprise charge.

And while many people put these payments on their credit card, if you91裸聊视频檙e having a hard time with debt or you find it a little too easy to say yes to subscriptions because they91裸聊视频檙e on credit, she said you can try putting subscription payments on your debit card instead.

You can also look into family versions of subscriptions like Netflix or Spotify to help everyone save a few dollars.

If you feel the urge to subscribe to something, Moorhouse recommends taking some time to think about it and how it might fit into your budget. You can even write down what you91裸聊视频檙e interested in subscribing to and consider why 91裸聊视频� was it an influencer post? An ad? A friend91裸聊视频檚 recommendation?

91裸聊视频淭his way, you can look back over time and see a pattern. For example, if there91裸聊视频檚 a particular influencer you follow and you find they are really effective in influencing you to buy stuff, maybe it91裸聊视频檚 time for you to hit mute or unfollow to take back control of your spending.91裸聊视频�

If you want to get a full picture of all your subscriptions, Moorhouse said you should look at a year91裸聊视频檚 worth of bank and credit card statements so you don91裸聊视频檛 miss anything.

91裸聊视频淭he questions you need to ask yourself are 91裸聊视频楥an I afford this?91裸聊视频� and 91裸聊视频楧o I still get value or joy from this?91裸聊视频�91裸聊视频� she said. If the answer is no, cut the subscription 91裸聊视频� and you91裸聊视频檒l likely not miss it.

91裸聊视频淢oreover, if your financial situation improves and you do really miss it as part of your life, you can always re-subscribe. Cutting something from your budget doesn91裸聊视频檛 have to be permanent.91裸聊视频�

Rosa Saba, The Canadian Press

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