Mike Michalowicz explains how recurring subscriptions quietly drain hundreds monthly. His trick: get a separate credit card for subscriptions only. When you see them all on one bill, you'll cancel the ones you forgot about and save $300 to $1,000 a month.
The number one, perhaps most insidious form of debt accumulation for individuals right now is subscriptions. But what you do, here's the trick. You got to get this under control, and it can save you literally hundreds a month. In certain cases, we even see people save over a thousand a month. What you do is you get a additional credit card, write the word subscriptions on the credit card, then every single subscription you have move to that one credit card. Why is this important? Every month, when that statement arrives, is a painful moment. I literally thought of spending maybe 200 or 300 on subscriptions. I was thinking, you know, TV, Internet, okay, it's probably about 300, $475. I was like, what am I doing? So you want to consolidate it to one place, and it brings a painful awareness. And with painful awareness, you now have clarity, and you have control. You can make decisions. I scratched out. I got down to the number where I thought it should have been, and it's saving, at least in my case, hundreds a month.
