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Fun will cost you

The problem for Chavez (and the rest of us) is that keeping yourself entertained has gotten to be quite expensive, whether you stay at home or not.

Going to a restaurant, bar or nightclub means you’ll be paying a premium for food and drinks. Concert ticket prices for some music acts are so high that Taylor Swift fans are suing Ticketmaster. Even fast-food meals, can’t always be counted on for a cheap and cheerful evening out.

Meanwhile, streaming subscriptions may seem like a cheap alternative at only a few dollars per month, but they can add up if you’re not careful.

Read more: Thanks to Jeff Bezos, you can now cash in on prime real estate — without the headache of being a landlord. Here's how

Stacking subscriptions

Chavez mentions that her subscription fees are racking up her credit card bill every month. She’s not alone. People spend an average of $219 per month on subscription services, ranging from entertainment to clothing, according to a 2022 study by C+R Research.

But many may not realize they’re spending that much. The same study discovered that most people estimate they spend $86 a month on subscriptions — $133 less than the average cost.

So if you feel like you’re constantly getting charged for streaming services, there’s an easy way to cut those out: cancel them. A study by Deloitte discovered that 21% of people canceled a video streaming service from mid-2022 to mid-2023, with many citing cost cutting as the reason.

But canceling a subscription isn’t always straightforward. Consumers have complained that some services make it difficult. There have also been instances where people thought they canceled their subscription service, but hadn’t jumped through all the necessary hoops to do so — and continued to be charged for it.

So, take this as a lesson to look through your credit card statements every month to see if you can cut costs — and to ensure you aren’t being charged for a service you thought that you canceled.

What to read next

Sabina Wex is a writer and podcast producer in Toronto. Her work has appeared in Business Insider, Fast Company, CBC and more.

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.