Marvin Samuel Tolentino Pineda/Getty Images
With the pinch of inflation, many Americans are looking at their budgets and finding places to cut spending. But there’s at least one line item that’s not on the chopping block: streaming services.
See: Unplug those appliances that are driving up your electric bill
Find: 9 bills you should never put on automatic payment
A National Research Group poll, recently reported by CNBC, found that people were more likely to cut back on grocery shopping, dine out, or buy clothes than they would to give up Amazon Prime subscriptions. , Netflix or Spotify Premium.
The survey found that two-thirds of consumers would cut spending due to inflation, but only 25% would cancel their streaming services.
More than half of respondents said streaming was a “significant” part of their monthly spending. It seems that any cable cutters that have unplugged the cable to save money have only benefited from short-term savings. According to the National Research Group study, American consumers estimate that they spend $135 per month, or 17.8% of their budget, on subscriptions.
However, US consumers could actually spend even more than that. Another survey reported by CNBC found that 54% of respondents underestimate their monthly subscription payments by at least $100. Moreover, in 5% of cases, they underestimate by $400 or more.
Since monthly subscriptions are usually billed automatically, it’s easy to forget how much money you’re spending on them.
It can be helpful to review your services every few months and decide what you really need. You can also use a service like Rocket Money or BillCutterz to track your subscriptions and easily cancel those you don’t use or forget about.
Take our survey: Are you struggling to pay your utility bills?
More: What’s the highest income for food stamps in 2022?
Don’t let sneaky subscription spending wreak havoc on your budget. You can prioritize what’s really important and maybe free up some funds for the occasional dinner party — or a new fall outfit.
More from GOBankingRates