WEBVTT - Watch those recurring fees

0:00:03.440 --> 0:00:06.680
<v Speaker 1>Welcome to Before Breakfast, a production of I Heart Radio.

0:00:08.960 --> 0:00:14.520
<v Speaker 1>Good Morning. This is Laura. Welcome to the Before Breakfast podcast.

0:00:15.480 --> 0:00:18.400
<v Speaker 1>Today's tip is that you can save a lot of

0:00:18.440 --> 0:00:24.560
<v Speaker 1>money by reviewing all your recurring payments and subscriptions. Sometimes

0:00:24.600 --> 0:00:28.240
<v Speaker 1>things add a lot to our lives and sometimes they don't.

0:00:29.040 --> 0:00:31.240
<v Speaker 1>We want to make sure that what we're paying for

0:00:31.680 --> 0:00:34.920
<v Speaker 1>is worth it. To help me with this tip, I

0:00:35.040 --> 0:00:38.160
<v Speaker 1>invited Joel and Matt from the How to Money podcast

0:00:38.440 --> 0:00:42.120
<v Speaker 1>to share some strategies. They're with me here now as

0:00:42.120 --> 0:00:44.760
<v Speaker 1>they will be for a few episodes this week, So

0:00:44.840 --> 0:00:48.640
<v Speaker 1>Joel and Matt please take it away. Thanks Laura. Yeah,

0:00:48.680 --> 0:00:51.360
<v Speaker 1>the subscriptions that we sign up for they end up

0:00:51.360 --> 0:00:53.720
<v Speaker 1>owning us more than we think they can be, like

0:00:53.800 --> 0:00:57.480
<v Speaker 1>little little vampires, little leeches, bleeding us dry over time.

0:00:58.200 --> 0:01:01.360
<v Speaker 1>And streaming subscriptions they are one of the worst culprits

0:01:01.920 --> 0:01:03.600
<v Speaker 1>most of us. Obviously, we don't want to go back

0:01:03.640 --> 0:01:06.760
<v Speaker 1>to the days of cable. Our our favorite streaming services

0:01:06.760 --> 0:01:09.039
<v Speaker 1>that they're nice to have. We can binge on whatever

0:01:09.080 --> 0:01:12.200
<v Speaker 1>new series that we're interested in. But with the success

0:01:12.280 --> 0:01:16.160
<v Speaker 1>of these streaming services, more and more companies are ratcheting

0:01:16.240 --> 0:01:20.000
<v Speaker 1>up the price or charging US cable esque subscription fees

0:01:20.040 --> 0:01:23.360
<v Speaker 1>more than ever before. So it is incumbent on all

0:01:23.400 --> 0:01:25.640
<v Speaker 1>of us, on you out there, to keep watch over

0:01:25.680 --> 0:01:27.960
<v Speaker 1>which ones that you bring into your life. Uh, and

0:01:28.000 --> 0:01:31.600
<v Speaker 1>then to act the ones that you don't use. Yeah.

0:01:31.600 --> 0:01:35.040
<v Speaker 1>A recent study found that the majority of Americans vastly

0:01:35.120 --> 0:01:38.559
<v Speaker 1>underestimate how much money they spend on subscriptions every single month,

0:01:38.760 --> 0:01:41.800
<v Speaker 1>and not just by a little by hundreds of dollars.

0:01:41.840 --> 0:01:45.560
<v Speaker 1>The average person underestimated their monthly subscription costs by a

0:01:45.600 --> 0:01:48.240
<v Speaker 1>hundred and thirty three dollars specifically. And that's a lot

0:01:48.320 --> 0:01:50.440
<v Speaker 1>of money that's going on accounted for in your life.

0:01:50.800 --> 0:01:53.440
<v Speaker 1>So if you're wondering maybe why you aren't able to

0:01:53.440 --> 0:01:56.200
<v Speaker 1>save as much as you'd like to, the culprit just

0:01:56.320 --> 0:01:59.600
<v Speaker 1>might be the subscriptions that you've forgotten about. And thirty

0:01:59.640 --> 0:02:01.840
<v Speaker 1>eight percent of the folks in that same survey that

0:02:01.920 --> 0:02:05.440
<v Speaker 1>subscriptions are making them crazy. They complain that they're hard

0:02:05.440 --> 0:02:08.040
<v Speaker 1>to keep track of and that they're causing additional stress.

0:02:08.280 --> 0:02:12.200
<v Speaker 1>And so we're not suggesting a spartan subscription free existence,

0:02:12.440 --> 0:02:14.880
<v Speaker 1>but we are saying that it would be wise and

0:02:15.040 --> 0:02:18.520
<v Speaker 1>financially beneficial to whittle down the number of recurring subscriptions

0:02:18.720 --> 0:02:20.519
<v Speaker 1>in your life, that's right. Yeah, one of the worst

0:02:20.560 --> 0:02:24.360
<v Speaker 1>subscriptions that we've seen. BMW they are planning to charge

0:02:24.440 --> 0:02:27.960
<v Speaker 1>drivers eighteen bucks a month to access heated seats that

0:02:28.000 --> 0:02:31.680
<v Speaker 1>are already installed in their cars. The hardware. It's like, literally,

0:02:31.720 --> 0:02:34.799
<v Speaker 1>it's already there. But BMW, they don't want just a

0:02:34.800 --> 0:02:36.720
<v Speaker 1>one time sale from you. They want some of that

0:02:36.800 --> 0:02:40.440
<v Speaker 1>recurring income that these other businesses out there have been

0:02:40.440 --> 0:02:43.360
<v Speaker 1>able to snack. And so in a world that has

0:02:43.480 --> 0:02:46.800
<v Speaker 1>become subscription obsessed, where like every company they want just

0:02:46.919 --> 0:02:49.880
<v Speaker 1>a small handful of dollars each and every month from you,

0:02:50.320 --> 0:02:53.000
<v Speaker 1>it might be more difficult, but it's totally possible to

0:02:53.120 --> 0:02:55.839
<v Speaker 1>pair back and to to mostly steer clear of them. Yeah.

0:02:55.880 --> 0:02:57.400
<v Speaker 1>So here's what we would tell you to do. First,

0:02:57.480 --> 0:03:00.160
<v Speaker 1>make a list of all the subscriptions that you're paying for,

0:03:00.560 --> 0:03:02.960
<v Speaker 1>and that means taking a look at your actual spending

0:03:03.080 --> 0:03:06.560
<v Speaker 1>and combing through your debit or credit card statements. Subscription

0:03:06.600 --> 0:03:10.280
<v Speaker 1>fees fester, and they'll continue to impact your finances if

0:03:10.280 --> 0:03:12.920
<v Speaker 1>they're left in the dark. Leave no stone unturned on this.

0:03:13.200 --> 0:03:15.160
<v Speaker 1>While you're while you're looking for these fees, while you're

0:03:15.160 --> 0:03:17.320
<v Speaker 1>looking for these subscriptions, the recurring ones, and you might

0:03:17.360 --> 0:03:20.600
<v Speaker 1>be you might be shocked at the recurring payments that

0:03:20.600 --> 0:03:23.280
<v Speaker 1>you're making that you even just forgot that you signed up.

0:03:23.320 --> 0:03:25.760
<v Speaker 1>That's those this free trials that come back to the

0:03:26.160 --> 0:03:28.480
<v Speaker 1>exactly and so we say next after that, after you

0:03:28.760 --> 0:03:30.960
<v Speaker 1>have shown a light, you found which subscriptions you actually

0:03:31.000 --> 0:03:33.000
<v Speaker 1>have in your life, cut the ones that you aren't

0:03:33.080 --> 0:03:36.040
<v Speaker 1>using with regularity. You should typically be able to do

0:03:36.080 --> 0:03:38.160
<v Speaker 1>that in just a step or two on the company's website.

0:03:38.360 --> 0:03:40.920
<v Speaker 1>It's not a terribly difficult process, but it's an important

0:03:40.920 --> 0:03:43.640
<v Speaker 1>one because it could help you clawback dozens or even

0:03:43.720 --> 0:03:46.440
<v Speaker 1>hundreds of dollars of your own money moving forward each

0:03:46.440 --> 0:03:48.560
<v Speaker 1>and every month. Yeah, but that being said, there are

0:03:48.600 --> 0:03:51.600
<v Speaker 1>now companies and apps out there who have popped up

0:03:51.600 --> 0:03:55.560
<v Speaker 1>that will cut your subscriptions for you for a fee.

0:03:55.600 --> 0:03:58.000
<v Speaker 1>Of course, they often want to keep close to fift

0:03:58.720 --> 0:04:00.840
<v Speaker 1>of the money that they save you, or you can

0:04:00.880 --> 0:04:04.640
<v Speaker 1>pay a flat monthly fee. Nothing like paying a subscription

0:04:04.960 --> 0:04:09.440
<v Speaker 1>to manage your other subscriptions. The truth is negotiating lower

0:04:09.440 --> 0:04:12.440
<v Speaker 1>prices for recurring subscriptions and cutting the ones that you

0:04:12.480 --> 0:04:15.960
<v Speaker 1>no longer want. This is not rocket science. You can

0:04:16.040 --> 0:04:18.720
<v Speaker 1>totally do this yourself, and then your money it can

0:04:18.760 --> 0:04:21.560
<v Speaker 1>be better spent elsewhere, right, I mean, we we promised.

0:04:21.600 --> 0:04:24.960
<v Speaker 1>We don't want you to cut the subscriptions that you

0:04:25.120 --> 0:04:27.720
<v Speaker 1>use and that you love, the ones that are actually

0:04:27.720 --> 0:04:31.000
<v Speaker 1>providing you real, real value, but we do want you

0:04:31.080 --> 0:04:34.000
<v Speaker 1>to stop spending money on stuff that isn't a priority

0:04:34.320 --> 0:04:36.400
<v Speaker 1>so that you can use those dollars in a more

0:04:36.480 --> 0:04:40.480
<v Speaker 1>effective manner. What great advice. Thank you Joel and Matt.

0:04:41.120 --> 0:04:44.400
<v Speaker 1>Being wise about recurring fees and subscriptions can free up

0:04:44.480 --> 0:04:46.400
<v Speaker 1>quite a bit of cash for things you would find

0:04:46.640 --> 0:04:50.520
<v Speaker 1>more fun. For more great financial tips, please listen to

0:04:50.600 --> 0:04:53.880
<v Speaker 1>Joel and Matt at the how to Money podcast and

0:04:53.920 --> 0:04:58.480
<v Speaker 1>in the meantime, this is Laura. Thanks for listening, and

0:04:58.560 --> 0:05:08.359
<v Speaker 1>here's to making the most of our time. Hey everybody,

0:05:08.600 --> 0:05:10.719
<v Speaker 1>I'd love to hear from you. You can send me

0:05:10.760 --> 0:05:14.400
<v Speaker 1>your tips, your questions, or anything else. Just connect with

0:05:14.440 --> 0:05:18.800
<v Speaker 1>me on Twitter, Facebook and Instagram at Before Breakfast Pod

0:05:19.520 --> 0:05:23.840
<v Speaker 1>that's b E the number four then breakfast p o D.

0:05:24.720 --> 0:05:27.560
<v Speaker 1>You can also shoot me an email at Before Breakfast

0:05:27.640 --> 0:05:31.000
<v Speaker 1>podcast at i heeart media dot com that Before Breakfast

0:05:31.160 --> 0:05:33.720
<v Speaker 1>is spelled out with all the letters. Thanks so much.

0:05:33.720 --> 0:05:41.840
<v Speaker 1>Should I look forward to staying in touch. Before Breakfast

0:05:41.960 --> 0:05:45.080
<v Speaker 1>is a production of i heart Radio. For more podcasts

0:05:45.120 --> 0:05:47.919
<v Speaker 1>from my heart Radio, visit the i heart Radio app,

0:05:48.240 --> 0:05:51.400
<v Speaker 1>Apple Podcasts, or wherever you listen to your favorite shows.