1 00:00:03,440 --> 00:00:06,680 Speaker 1: Welcome to Before Breakfast, a production of I Heart Radio. 2 00:00:08,960 --> 00:00:14,520 Speaker 1: Good Morning. This is Laura. Welcome to the Before Breakfast podcast. 3 00:00:15,480 --> 00:00:18,400 Speaker 1: Today's tip is that you can save a lot of 4 00:00:18,440 --> 00:00:24,560 Speaker 1: money by reviewing all your recurring payments and subscriptions. Sometimes 5 00:00:24,600 --> 00:00:28,240 Speaker 1: things add a lot to our lives and sometimes they don't. 6 00:00:29,040 --> 00:00:31,240 Speaker 1: We want to make sure that what we're paying for 7 00:00:31,680 --> 00:00:34,920 Speaker 1: is worth it. To help me with this tip, I 8 00:00:35,040 --> 00:00:38,160 Speaker 1: invited Joel and Matt from the How to Money podcast 9 00:00:38,440 --> 00:00:42,120 Speaker 1: to share some strategies. They're with me here now as 10 00:00:42,120 --> 00:00:44,760 Speaker 1: they will be for a few episodes this week, So 11 00:00:44,840 --> 00:00:48,640 Speaker 1: Joel and Matt please take it away. Thanks Laura. Yeah, 12 00:00:48,680 --> 00:00:51,360 Speaker 1: the subscriptions that we sign up for they end up 13 00:00:51,360 --> 00:00:53,720 Speaker 1: owning us more than we think they can be, like 14 00:00:53,800 --> 00:00:57,480 Speaker 1: little little vampires, little leeches, bleeding us dry over time. 15 00:00:58,200 --> 00:01:01,360 Speaker 1: And streaming subscriptions they are one of the worst culprits 16 00:01:01,920 --> 00:01:03,600 Speaker 1: most of us. Obviously, we don't want to go back 17 00:01:03,640 --> 00:01:06,760 Speaker 1: to the days of cable. Our our favorite streaming services 18 00:01:06,760 --> 00:01:09,039 Speaker 1: that they're nice to have. We can binge on whatever 19 00:01:09,080 --> 00:01:12,200 Speaker 1: new series that we're interested in. But with the success 20 00:01:12,280 --> 00:01:16,160 Speaker 1: of these streaming services, more and more companies are ratcheting 21 00:01:16,240 --> 00:01:20,000 Speaker 1: up the price or charging US cable esque subscription fees 22 00:01:20,040 --> 00:01:23,360 Speaker 1: more than ever before. So it is incumbent on all 23 00:01:23,400 --> 00:01:25,640 Speaker 1: of us, on you out there, to keep watch over 24 00:01:25,680 --> 00:01:27,960 Speaker 1: which ones that you bring into your life. Uh, and 25 00:01:28,000 --> 00:01:31,600 Speaker 1: then to act the ones that you don't use. Yeah. 26 00:01:31,600 --> 00:01:35,040 Speaker 1: A recent study found that the majority of Americans vastly 27 00:01:35,120 --> 00:01:38,559 Speaker 1: underestimate how much money they spend on subscriptions every single month, 28 00:01:38,760 --> 00:01:41,800 Speaker 1: and not just by a little by hundreds of dollars. 29 00:01:41,840 --> 00:01:45,560 Speaker 1: The average person underestimated their monthly subscription costs by a 30 00:01:45,600 --> 00:01:48,240 Speaker 1: hundred and thirty three dollars specifically. And that's a lot 31 00:01:48,320 --> 00:01:50,440 Speaker 1: of money that's going on accounted for in your life. 32 00:01:50,800 --> 00:01:53,440 Speaker 1: So if you're wondering maybe why you aren't able to 33 00:01:53,440 --> 00:01:56,200 Speaker 1: save as much as you'd like to, the culprit just 34 00:01:56,320 --> 00:01:59,600 Speaker 1: might be the subscriptions that you've forgotten about. And thirty 35 00:01:59,640 --> 00:02:01,840 Speaker 1: eight percent of the folks in that same survey that 36 00:02:01,920 --> 00:02:05,440 Speaker 1: subscriptions are making them crazy. They complain that they're hard 37 00:02:05,440 --> 00:02:08,040 Speaker 1: to keep track of and that they're causing additional stress. 38 00:02:08,280 --> 00:02:12,200 Speaker 1: And so we're not suggesting a spartan subscription free existence, 39 00:02:12,440 --> 00:02:14,880 Speaker 1: but we are saying that it would be wise and 40 00:02:15,040 --> 00:02:18,520 Speaker 1: financially beneficial to whittle down the number of recurring subscriptions 41 00:02:18,720 --> 00:02:20,519 Speaker 1: in your life, that's right. Yeah, one of the worst 42 00:02:20,560 --> 00:02:24,360 Speaker 1: subscriptions that we've seen. BMW they are planning to charge 43 00:02:24,440 --> 00:02:27,960 Speaker 1: drivers eighteen bucks a month to access heated seats that 44 00:02:28,000 --> 00:02:31,680 Speaker 1: are already installed in their cars. The hardware. It's like, literally, 45 00:02:31,720 --> 00:02:34,799 Speaker 1: it's already there. But BMW, they don't want just a 46 00:02:34,800 --> 00:02:36,720 Speaker 1: one time sale from you. They want some of that 47 00:02:36,800 --> 00:02:40,440 Speaker 1: recurring income that these other businesses out there have been 48 00:02:40,440 --> 00:02:43,360 Speaker 1: able to snack. And so in a world that has 49 00:02:43,480 --> 00:02:46,800 Speaker 1: become subscription obsessed, where like every company they want just 50 00:02:46,919 --> 00:02:49,880 Speaker 1: a small handful of dollars each and every month from you, 51 00:02:50,320 --> 00:02:53,000 Speaker 1: it might be more difficult, but it's totally possible to 52 00:02:53,120 --> 00:02:55,839 Speaker 1: pair back and to to mostly steer clear of them. Yeah. 53 00:02:55,880 --> 00:02:57,400 Speaker 1: So here's what we would tell you to do. First, 54 00:02:57,480 --> 00:03:00,160 Speaker 1: make a list of all the subscriptions that you're paying for, 55 00:03:00,560 --> 00:03:02,960 Speaker 1: and that means taking a look at your actual spending 56 00:03:03,080 --> 00:03:06,560 Speaker 1: and combing through your debit or credit card statements. Subscription 57 00:03:06,600 --> 00:03:10,280 Speaker 1: fees fester, and they'll continue to impact your finances if 58 00:03:10,280 --> 00:03:12,920 Speaker 1: they're left in the dark. Leave no stone unturned on this. 59 00:03:13,200 --> 00:03:15,160 Speaker 1: While you're while you're looking for these fees, while you're 60 00:03:15,160 --> 00:03:17,320 Speaker 1: looking for these subscriptions, the recurring ones, and you might 61 00:03:17,360 --> 00:03:20,600 Speaker 1: be you might be shocked at the recurring payments that 62 00:03:20,600 --> 00:03:23,280 Speaker 1: you're making that you even just forgot that you signed up. 63 00:03:23,320 --> 00:03:25,760 Speaker 1: That's those this free trials that come back to the 64 00:03:26,160 --> 00:03:28,480 Speaker 1: exactly and so we say next after that, after you 65 00:03:28,760 --> 00:03:30,960 Speaker 1: have shown a light, you found which subscriptions you actually 66 00:03:31,000 --> 00:03:33,000 Speaker 1: have in your life, cut the ones that you aren't 67 00:03:33,080 --> 00:03:36,040 Speaker 1: using with regularity. You should typically be able to do 68 00:03:36,080 --> 00:03:38,160 Speaker 1: that in just a step or two on the company's website. 69 00:03:38,360 --> 00:03:40,920 Speaker 1: It's not a terribly difficult process, but it's an important 70 00:03:40,920 --> 00:03:43,640 Speaker 1: one because it could help you clawback dozens or even 71 00:03:43,720 --> 00:03:46,440 Speaker 1: hundreds of dollars of your own money moving forward each 72 00:03:46,440 --> 00:03:48,560 Speaker 1: and every month. Yeah, but that being said, there are 73 00:03:48,600 --> 00:03:51,600 Speaker 1: now companies and apps out there who have popped up 74 00:03:51,600 --> 00:03:55,560 Speaker 1: that will cut your subscriptions for you for a fee. 75 00:03:55,600 --> 00:03:58,000 Speaker 1: Of course, they often want to keep close to fift 76 00:03:58,720 --> 00:04:00,840 Speaker 1: of the money that they save you, or you can 77 00:04:00,880 --> 00:04:04,640 Speaker 1: pay a flat monthly fee. Nothing like paying a subscription 78 00:04:04,960 --> 00:04:09,440 Speaker 1: to manage your other subscriptions. The truth is negotiating lower 79 00:04:09,440 --> 00:04:12,440 Speaker 1: prices for recurring subscriptions and cutting the ones that you 80 00:04:12,480 --> 00:04:15,960 Speaker 1: no longer want. This is not rocket science. You can 81 00:04:16,040 --> 00:04:18,720 Speaker 1: totally do this yourself, and then your money it can 82 00:04:18,760 --> 00:04:21,560 Speaker 1: be better spent elsewhere, right, I mean, we we promised. 83 00:04:21,600 --> 00:04:24,960 Speaker 1: We don't want you to cut the subscriptions that you 84 00:04:25,120 --> 00:04:27,720 Speaker 1: use and that you love, the ones that are actually 85 00:04:27,720 --> 00:04:31,000 Speaker 1: providing you real, real value, but we do want you 86 00:04:31,080 --> 00:04:34,000 Speaker 1: to stop spending money on stuff that isn't a priority 87 00:04:34,320 --> 00:04:36,400 Speaker 1: so that you can use those dollars in a more 88 00:04:36,480 --> 00:04:40,480 Speaker 1: effective manner. What great advice. Thank you Joel and Matt. 89 00:04:41,120 --> 00:04:44,400 Speaker 1: Being wise about recurring fees and subscriptions can free up 90 00:04:44,480 --> 00:04:46,400 Speaker 1: quite a bit of cash for things you would find 91 00:04:46,640 --> 00:04:50,520 Speaker 1: more fun. For more great financial tips, please listen to 92 00:04:50,600 --> 00:04:53,880 Speaker 1: Joel and Matt at the how to Money podcast and 93 00:04:53,920 --> 00:04:58,480 Speaker 1: in the meantime, this is Laura. Thanks for listening, and 94 00:04:58,560 --> 00:05:08,359 Speaker 1: here's to making the most of our time. Hey everybody, 95 00:05:08,600 --> 00:05:10,719 Speaker 1: I'd love to hear from you. You can send me 96 00:05:10,760 --> 00:05:14,400 Speaker 1: your tips, your questions, or anything else. Just connect with 97 00:05:14,440 --> 00:05:18,800 Speaker 1: me on Twitter, Facebook and Instagram at Before Breakfast Pod 98 00:05:19,520 --> 00:05:23,840 Speaker 1: that's b E the number four then breakfast p o D. 99 00:05:24,720 --> 00:05:27,560 Speaker 1: You can also shoot me an email at Before Breakfast 100 00:05:27,640 --> 00:05:31,000 Speaker 1: podcast at i heeart media dot com that Before Breakfast 101 00:05:31,160 --> 00:05:33,720 Speaker 1: is spelled out with all the letters. Thanks so much. 102 00:05:33,720 --> 00:05:41,840 Speaker 1: Should I look forward to staying in touch. Before Breakfast 103 00:05:41,960 --> 00:05:45,080 Speaker 1: is a production of i heart Radio. For more podcasts 104 00:05:45,120 --> 00:05:47,919 Speaker 1: from my heart Radio, visit the i heart Radio app, 105 00:05:48,240 --> 00:05:51,400 Speaker 1: Apple Podcasts, or wherever you listen to your favorite shows.