The Hidden Money Leak: How Many Subscriptions Are You Paying For and Never Using? (A Lunch Lesson with My Mom)Random Thoughts by John Venne, CFP®
Last week, I took my mom out to lunch. We talk a few times a week, but nothing beats being in person. During our meal, she asked how to track down a mysterious “subscription” charge showing up on her phone bill. We pulled out her iPhone right at the table and started reviewing.
Like many in her generation, navigating app settings and auto-renewals can feel cumbersome. We quickly uncovered several forgotten ones: an old streaming service she hadn’t watched in years, a magazine app from a trial that never ended, and a couple of cloud storage add-ons she no longer needed. In under 10 minutes, we canceled them all.
Result? About $50/month saved—$600/year straight back into her pocket. She was amazed, and it was a great reminder of how these quiet leaks sneak up on all of us.
Recent surveys confirm it: The average American spends around $1,000–$1,080 per year on subscriptions, with nearly $200–$205 going to unused or forgotten ones. Many of us have trimmed back, but plenty of “zombie” charges still linger.
Here’s an easy, quick fix—start with your phone:
iPhone Users:
- Open Settings
- Tap your name/picture at the top
- Tap Subscriptions (usually the 4th line down)
- Review the list and cancel anything you don’t need/use.
Android Users (Google Play):
- Open the Google Play Store app
- Tap your profile icon (top right)
- Go to Payments & subscriptions > Subscriptions
- Review and cancel unused ones
Not sure whether to cancel? Go ahead and cancel anyway—they’ll gladly take your money again if you change your mind.
Beyond the phone—the next easiest step: Pull up your credit card or debit card statements (last 6–12 months) and scan for recurring charges. Look for names like Netflix, Spotify, Audible, gym apps, meal kits, or anything unfamiliar. Many people discover $20–$100/month hiding there.
Quick Tip: Once you cancel, redirect the saved amount—set up an auto-transfer to savings, debt payoff, or an extra monthly contribution to investments. Out of sight, out of mind—small wins compound fast.
Give it a try today and let me know how much are you saving per month or year? Reply to this email—I’d love to hear your wins! (Bonus points if it involves a lunch-with-family moment like mine.)