‘Subscription creep’ may be bleeding you dry — here are 6 ways to stop from going broke

This will give your wallet quite the spook.

People are falling prey to “subscription creep,” a clever name referring to the sneaky monthly or annual fees from an array of subscriptions that accumulate over time — and, unbeknownst to you, drain your bank account.

“What once started as a few $10 or $5 subscriptions can quickly turn into $300-plus per month without you even realizing it,” MarketWatch Guides researcher Lindsey Crossmier explained to HuffPost.

A CNET study published last year revealed that Americans are spending more than $1,000 on average each year on subscriptions, with many respondents admitting they forgot to cancel free trials.

“Nowadays, almost everything has subscriptions ― streaming services, music, the gym or even coffee orders,” Crossmier continued. “If you don’t track and pay attention to your subscriptions, you’re almost guaranteed to lose track and overspend on services you don’t even remember you’re paying for.”

Rod Griffin, the senior director of public education and advocacy at Experian, told the outlet that those costs “can add up quickly” — especially if the price goes up with auto-renewal.

“You might forget that you are subscribed to a service but are still making payments for it, essentially throwing money away each month,” he said.

Experts told HuffPost that people often forget to cancel, deem the tiny cost not “worth the hassle” or don’t want to lose access to the benefits they’re paying for — but companies rely on that attitude to sustain their subscriptions.

“Many business models bank on people forgetting to cancel the subscription and/or making it annoying to cancel,” Bernadette Joy Cruz Maulion, the author of “Crush Your Money Goals,” told HuffPost.

“For example, I am planning to move and needed to cancel my gym membership, and they made me go through so many hoops to cancel it, I had to take time out of my work day to do it because they weren’t open after hours.”

The “set it and forget it” method — or, auto-pay — may look convenient, but, really, people cannot keep track of their subscriptions, whether that’s because there’s too many or because they use various cards or accounts to pay.

“Even if it’s only $10 per month, that’s still a waste of money that could be going to more important bills or financial goals like paying down debt or boosting savings,” argued Andrea Woroch, a consumer finance and budgeting expert, told the publication.

But the experts offered six tips on how to manage subscriptions and save some cash.

“Giving yourself a subscription audit, where you review all of your subscriptions at once and make an effort to cancel the ones you no longer enjoy. [It] can be time-consuming but useful,” advised NerdWallet personal finance expert Kimberly Palmer.

“You might even want to consider canceling all subscriptions in a ‘subscription detox’ to see if you really miss any of them and slowly add back in the ones you want.”

According to HuffPost, this can be achieved by making a manual list on a spreadsheet, or by using tools like Trim or Rocket Money.

Regardless of if you cancel them or not, it’s beneficial to have a list to keep the subscriptions in check, Griffin said.

“Be aware of the current costs, when prices increase, and whether the service is actively being used,” he said, adding that subscriptions should all be charged to the same card to make them easier to track.

“This can help you decide if it’s really something you need.”

Consumers should also “check for overlap,” said Chime’s Chief Spending Officer Janelle Sallenave. She recommended whittling premium food delivery accounts down to just one, while Crossmier advised sitting down with whomever resides your household to share subscriptions to cut costs.

“It’s also a good idea to sit down with your partner or roommate and flag any subscriptions you both use ― or, you could explore any bundling subscription options, such as Spotify Duo,” she said.

Free trials are also a primary culprit for “subscription creeping.” Either set a reminder for canceling free trials, cancel it before it expires or don’t sign up at all.

“Don’t sign up for any free trials that require your credit card,” Griffin warned. “That way if you forget about it, you won’t be at risk of being charged when the trial is over.”

If subscriptions are a must, Woroch said to swap new ones out for the old.

“Every time you opt for a new subscription, follow the rule to cancel an old one,” she said. “It’s kind of like how you tell your kids to donate a toy every time they get a new one to avoid over cluttering your house.”