Kent Patrick: Managing your monthly money leaks this year

Published 5:24 pm Thursday, May 15, 2025

From streaming services and gym memberships to AI assistants and meal kit deliveries, the modern economy thrives on subscriptions. 

While these recurring charges offer convenience, they can also create a silent drain on your finances. 

How can you take control of your subscriptions without sacrificing what matters most?

The rise of the subscription economy

The average American household now spends hundreds of dollars per month on subscription services. What started with streaming platforms has expanded to include:

Entertainment: Netflix, Spotify, Disney+

Fitness and wellness: gym memberships, Peloton, meditation apps

Technology: cloud storage, AI tools, security software

Lifestyle and convenience: meal kits, clothing rentals, pet supply boxes

Identifying your money leaks

Subscription fees are often small, making them easy to ignore. However, collectively, they can significantly impact your budget.

Consider these steps:

• Audit your subscriptions: Review bank and credit card statements for recurring charges.
• Cancel unused services: If you haven’t used a service in the past two months, cancel it.
• Prioritize high-value subscriptions: Keep only those that align with your lifestyle and bring measurable value.
• Look for discounts and bundles: Many services offer annual plans or bundle discounts that can save money.

Balancing convenience with goals

While subscriptions offer value, excessive spending on non-essential services can hinder wealth-building efforts.

Setting a monthly subscription budget and regularly reassessing expenses can help you strike the right balance.

By staying mindful of recurring charges and ensuring they align with your financial priorities, you can take full advantage of the subscription economy without letting it derail your long-term financial success. A financial professional can help you identify and eliminate unnecessary expenses, freeing up money for savings and investments.

Kent Patrick is with Bush Wealth Management. This information should not be construed by any client or prospective client as the rendering of personalized investment advice.  For more information, please visit BushWealth.com for our full disclosures.