Let’s examine how much money retirees spend on subscriptions they don’t use—seriously, it’s shocking. You’ve worked hard your whole life, saved diligently, and now you’re finally enjoying retirement. But here’s the kicker—those little monthly charges quietly drain your bank account.
It starts innocently enough. Maybe you signed up for a streaming service to binge-watch your favorite shows. Then there’s that fitness app you swore you’d use every day. Oh, and don’t forget the meal kit subscription that sounded like a great idea but now just fills your inbox with recipes you never cook. Before you know it, you’re paying for a dozen subscriptions you barely touch. According to a study by C+R Research, 42% of consumers have forgotten they were still subscribed to a service they no longer use, underestimating their monthly subscription spending by $133 on average.
Here’s the crazy part: according to the Bureau of Labor Statistics, the average retiree household spends $2,898 a year (about $242 a month) on entertainment, which is much higher than the reported $91 monthly average that U.S. adults spend. That’s not pocket change. Instead, imagine what they could do: take a weekend trip, spoil your grandkids, or even just pad your savings account. But instead, it’s going to companies you’ve forgotten about.
The problem is that these charges are so small and automatic that they’re easy to overlook. They sneak into your credit card statements like ninjas, and unless you’re meticulously tracking your expenses, you might not even notice. And let’s be honest, who wants to spend their golden years poring over bank statements?
But here’s the good news: you can take control. Start by making a list of all your subscriptions. Review your bank and credit card statements from the last three months and write down every recurring charge. You might be surprised at what you find—like that magazine subscription you haven’t read in years or the cloud storage you don’t even need.
Once you’ve got your list, ask yourself one simple question: “Am I actually using this?” If the answer is no, cancel it. Yes, it’s that easy. Most subscriptions can be canceled online in just a few clicks. And if you’re feeling nostalgic about that magazine you never read, remind yourself that you can always resubscribe later if you miss it.
Another pro tip: look for free or cheaper alternatives. For example, instead of paying for multiple streaming services, rotate them. Binge-watch your favorite shows on Netflix for a few months, then switch to Hulu. Many libraries also offer free access to streaming platforms, e-books, and even online courses.
If you’re feeling overwhelmed, consider using a subscription management app. These tools track your recurring charges and even help you cancel the ones you don’t need. It’s like having a personal assistant for your finances.
Finally, make it a habit to review your subscriptions every six months. Life changes, and so do your needs. That yoga app you loved last year might be collecting dust now. Regular check-ins will help you stay on top of your spending and keep more money in your pocket. So, what are you waiting for? Grab a cup of coffee, sit down with your statements, and start decluttering your subscriptions. Your wallet—and your peace of mind—will thank you.
