How much do you spend on subscriptions?
A Wall Street Journal analysis shows that the combined number of US subscribers for the largest streaming platforms is up 50% from this time last year. At my house, we gave in to watch real estate and home remodel shows for a subscription. Streaming services really add up, and streaming is only one type of subscription.
Two years ago, West Monroe analyzed America’s subscription spending. 2,500 people were asked to think about their recurring monthly expenses that were associated with digital services, devices, and subscription boxes. They were given only 10 seconds to guess how much they spent. Then, they were then told to rethink their spending carefully. They were given specific examples of services and service categories like “WiFi, mobile service, Netflix, Spotify, Dollar Shave Club, and more.“ This time they had 30 seconds to answer. There was a 40% increase in their estimates. Next, they took the group through an inventory of their recurring monthly expenses across 21 categories. The result? Their actual spending was nearly 200% higher than the first guess! 80% of participants underestimated what they spent each month.
Now I assume that many Americans are unaware of their subscription spending. Yet Solomon warned in Proverbs 27:23: “Be sure you know the condition of your flocks, give careful attention to your herds; for riches do not endure forever…” One way you can guard the money God entrusts to you is by analyzing your subscription spending.
And if you’ve been helped by Crown or this radio station, can I ask you to begin this year by supporting us both? If you already do, thank you for your generosity! You can begin today at crown.org.