Money Matters: If your budget were a garden, subscription services would be those sneaky weeds that look cute at first but turn out to bamboo, taking over and strangling everything else around them.

It starts innocently enough - a streaming service here, a meal kit delivery there, and one day you start feeling light headed because you’re hemorrhaging $300+ monthly for things you barely remember signing up for!

Survey says: The average American family is now spending over $273 per month on subscription services alone according to a recent survey from consumer research.

On average most people thought it was only $86.The $273 per month is actually $3,276 per year that you could be putting towards your emergency fund, debt payoff, or a family vacation.

But don’t sweat! Today we’re here to help you burn that bamboo forest down and start fresh.

Here is what on that portioned plate today:

 😎 Our Favorite Resources
👍The plug-n-play subscription audit system everyone can use
👍#1 Tip That Saved My Family $2,340 Last Year Alone
👌 Apps that could make the procees simpler than expected
🤷‍♀️ What’s up for next week

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Our Favorite Resources

👀ICYMI

Check out our previous issue on "8 Simple Methods to Master Debt Negotiations" if you're working on paying down debt with your subscription savings!

📜Quote

"The art of living doesn't consist in preserving and clinging to a particular mode of happiness, but in allowing happiness to change its form." — Charles Du Bos (perfect for letting go of those subscriptions you thought you needed!)

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Today’s Main Event

Your Family's Guide to Subscription Pruning

The subscription economy has mastered the art of painless extraction - taking just enough money each month that you barely notice, but enough that it adds up to thousands annually.

The Shocking Subscription Reality Check

So before we jump into a step by step guide to audit your subscriptions lets cover some important info from that study we mentioned above.

For those that hate math, that $219 monthly was 2.5 times higher than what people thought they were spending.

Even more alarming than that, 74% of consumers admit it’s easy to forget about their recurring monthly charges. And a significant 42% confessed they’ve continued paying for subs they no longer use!

Why does this happen? That study showed that 72% of people set all their monthly subs to auto pay - essentially putting their spending on autopilot which is recipe for disaster.

But it’s not all doom and gloom…

A different study found that families who did a “subscription audit” saved an average of $1,560 per year! And 82% reported they didn’t even miss the services they cut.

So, let’s get to it and dig into the audit plan!

Step-by-step Family Subscription Audit Plan:

1. Gather the evidence: Pull up your last 3 months of bank and credit card statements and highlight EVERY recurring charge.

2. Create a subscription spreadsheet: List every service, the monthly cost, and when you last used it. Be honest and real about this.

3. The “joy/value test”: For each sub ask “ Does this bring enough value to justify its cost?” If you hesitate or have to think more than 15 seconds, that’s your answer.

4. Check for overlaps: Do you really need Netflix, Hulu, Disney+…etc. Pick the 2-3 that you use for shows your currently watch and pause the rest till there is something there you want to actively watch.

5. Look for family sharing options: Many services offer family plans that cost less than individual subs. Spotify is one of these and I have used it for years. It’s actually one of my Christmas presents to my parents each year.

6. Set calendar reminders: For any sub you keep, set a reminder to reassess in 3 months. This prevents the autopilot problem from taking hold.

7. Call and negotiate: Just like with debt, you can sometimes get a promotional rate if you call or message the subscription compnay. Here’s a moc script:
   
   "Hi, I've been a subscriber to [SERVICE] for [X TIME], but I'm currently reviewing all my family's monthly expenses. I'm considering canceling unless there's a better rate you can offer. What's the best price you could give me today to keep me as a customer?"

This is the general outline of the process to start auditing your subscriptions.

BUT, what’s the easiest way that you can start cancelling the unwanted ones? Let’s take a look.

Phone Shortcuts to Cancel Those Pesky Subscriptions

Let's face it—part of the reason we stay subscribed to things we don't use is that cancelling feels like a hassle. But good news! Your smartphone has built-in tools to make subscription hunting a breeze:

iPhone Users (AKA The 3-Tap Solution): Got an Apple device? Your subscription hitlist is just three taps away!

Head to Settings → tap your name at the top → hit Subscriptions.

BOOM! There's your digital money drain, all in one place. See something you don't use? Tap it and smash that "Cancel Subscription" button like it owes you money (because, well, it does).

Android Fam, We Got You Too: Fire up your Google Play Store app and tap the menu icon.

Look for "Subscriptions" or "Payments and Subscriptions" (it varies depending on your phone and Android version).

This shows you everything that you are paying for through the app store! Find what you identified above and eliminate!

Pro Tip Reminder: Set a monthly "Subscription Check-In" reminder on your phone's calendar app. Those apps aren't going to cancel themselves, and companies are COUNTING on you to forget about them!

We have covered quite a bit of ground already and next I want to give you the strategy that helped save my family $2,340 last year.

But briefly before I do it’s time to get smart and understand a bit about the psychology of why you may be white-knuckling that last subscription like a kid with his first ice cream cone.

The TRUTH About Subscription Services Nobody Talks About

The dirty secret of the subscription economy is what psychologists call "the endowment effect"—once we have something, giving it up feels like a loss, even if we never really wanted it in the first place!

Companies know this and make cancellation just difficult enough that most people give up and keep paying.

Don't fall for it! The C+R Research study confirms this strategy works: 74% of consumers said it was easy to forget about their recurring monthly subscription charges.

Pro tip: Block out one hour this weekend for "Subscription Cancellation Time." Make it a family challenge to see how much monthly savings you can find!

The Strategy That Saved My Family $2,340 Last Year The "Subscription Rotation Method"

This strategy changed everything for us, and I wish we'd started it sooner. Here's how it works:

Keep a "subscription calendar" on your phone or fridge. We use a simple Google Calendar that the whole family can access.

Limit yourselves to 2-3 entertainment subscriptions at any given time.

When a new show or movie you want to watch comes out on a service you don't currently have, check if any current subscriptions aren't being used.

Cancel the unused subscription and sign up for the new one.

Important: Most streaming services now let you pause rather than cancel completely, making this even easier!

The key is being intentional rather than passive. Last year, my family realized we were paying for SEVEN different streaming services—most of which we weren't actively watching.

By implementing this rotation strategy, we kept everything we actually watched while saving $195 monthly.

Remember: These companies BANK on you forgetting about them. Don't give them that satisfaction! As C+R Research found, nearly a quarter of people underestimate their subscription costs by $200 or more monthly.

Bonus tip: Many streaming services can be accessed for free through your local library's digital resources. Some libraries have free access to Kanopy and Hoopla, which have tons of great movies and shows!

Alrighty, so the next section is a bit of a doozy but provides an outline of the most popular subscription management apps I could find.

Everything is kept as brief as possible so here ya go!

Subscription Management Apps: Your Digital Financial Gardeners

Want some automated help in the battle against subscription creep? Here's a quick rundown of apps that can do the heavy lifting for you:

Rocket Money

• Cost: Basic version is FREE; Premium runs $6-$12 monthly (7-day free trial)

• Pros: Negotiates bills for you, cancels unwanted subscriptions, tracks spending

• Cons: Takes 35%-60% of savings from bill negotiations (ouch!), premium features behind paywall

Trim by OneMain

• Cost: Basic service is FREE; takes 15% of your annual savings from bill negotiations

• Pros: Lower success fee than competitors, free subscription tracking, cancellation service

• Cons: Limited categorization options, some users report connectivity issues

PocketGuard

• Cost: Basic version is FREE; Plus version is $12.99 monthly or $74.99 annually

• Pros: Clean interface, flexible budgeting tools, subscription tracking

• Cons: Limited features in free version, no direct cancellation service

Chase Stored Cards (for Chase customers)

• Cost: FREE for Chase cardholders

• Pros: Direct integration with your Chase account, 24/7 fraud monitoring

• Cons: Only works with Chase cards, limited subscription management features

Eno Capital One Assistant (for Capital One customers)

• Cost: FREE for Capital One cardholders

• Pros: Real-time fraud alerts, transaction tracking, bank-level security

• Cons: Only for Capital One customers, primarily tracks rather than manages subscriptions

Bobby

• Cost: Just $3 for LIFETIME access (no subscription ironically!)

• Pros: Clean, simple interface, works without linking bank accounts, icon-based design

• Cons: Requires manual entry of all subscription data, no automatic detection

Outflow

• Cost: Free with in-app purchases

• Pros: Can connect to Gmail to auto-detect subscriptions from email receipts

• Cons: Requires email access for automatic features, manual entry otherwise

Remember, while these apps can help manage your subscriptions, none replace the most powerful tool in your financial arsenal—intentional spending decisions made by YOU and your family!

Until Next Time

What’s Up Next Week

Remember, every dollar you save on unnecessary subscriptions is a dollar that can go toward building the life you actually want—not the one subscription companies want you to pay for!

Next Week: Jimmy is back at it taking on the cell phone giants with ways to save on cell phone plans!

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Email us with any questions!

And as always…

Peace out,
Nico & the Hootsquad

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.