Americans, on average, spend $91 per month, or $1,092 per year, on subscriptions such as gym memberships, streaming services, etc.

According to CNET's survey, Millennials are the top spenders on subscriptions, averaging $119 per month, or $1,428 per year.

This is just one area of spending. Imagine how much more you can save by examining other areas.

So, here's what you should do:

1. Make a List

List down all your subscriptions.

Create a note beside each one stating the reason why you signed up for it, how frequently you use the services, and the monthly or annual subscription fees you're paying for them.

2. Categorize the Subscriptions, Cancel, & Find Alternatives

Divide the list into essential and non-essential.

For non-essential like Spotify, consider looking for cheaper or free alternatives, like YouTube. Then, do the same for the essential items.

By canceling and finding cheaper or free alternatives, particularly for non-essential and subscriptions that are underutilized, you could save hundreds, if not thousands, of dollars each year.

3. Reassess Subscriptions

Every 6 months, review your subscriptions.

Are you still using it frequently enough to justify the price you're paying?

If not, cancel it and search for other alternatives.

Convert Subscriptions Into Savings

By actively managing your subscriptions, you can significantly cut down on unnecessary expenses and increase your savings.

It's easy to ignore small monthly charges, but these can accumulate significantly over the year. Regularly reviewing and reevaluating your subscriptions helps ensure your money is spent wisely and aligned with your financial goals.

By reallocating the money from unused or unnecessary subscriptions, you can make progress toward building a more secure financial future.