Monthly memberships and subscription services always sound like a good idea when you first sign up. Usually there’s a free month or discounted price offered up front but in the end are those discounted services costing you more than they’re worth.
Let’s take a look at four popular services you’re likely paying for right now:
-Amazon Prime: $14.99 per month
-Hulu (no ads or add on’s): $14.99 per month
-Spotify Premium (individual): $9.99 per month
-Fitness Membership (F45, SoulCycle, Barry’s Bootcamp): $130-$160 3-7 classes per month
Total: $169.97-$199.97 per month
That’s over $2,000 a year!
Experts say investments like this are rarely worth it and the money spent on these subscriptions and services could benefit you greatly in a savings account, paying off debts, or investments.
Pro Tip: When canceling a service or subscription consider having that money you’ve saved automatically deducted from your monthly paycheck and put towards your 401k.