The transition from a paper world to a digital one has seemed rapid and tumultuous.
Today, the average American has one hundred online accounts, according to password management company NordPass.
They spend an average of $220 per month on streaming services and other subscriptions, according to CNBC.
Three-quarters of us subscribe to multiple streaming services, and one-third have up to four accounts, such as Netflix, Hulu, or Amazon Prime. Netflix is the largest, with over 300 million subscribers. Amazon Prime has 205 million, and Disney, combined with Hulu and ESPN+, also reaches 300 million subscribers. With automatic debits and charges on credit cards, as well as service mergers, it’s no wonder that people end up paying for duplicate accounts. So, how do you keep track of multiple digital accounts, especially streaming accounts?
Step One: Inventory
Michael Liersch, head of advice and planning at Wells Fargo, says the first step, whether you’re single or married, is to take an inventory of your accounts. “If you don’t remember subscribing to it, that gives you another benchmark, that is, are you really using these subscriptions?” he asks. Do they hold value for you?
Surprisingly, a quarter of streaming service subscribers have at least one account they don’t use, according to a LendingTree survey. This number rises to 42% among the Generation Z. “The key here is that many people forget to review all the subscriptions they have on the table and prioritize what they find most valuable to least valuable,” he explains. “Whether as an individual, a couple, or in a household with children or grandchildren, this is really the first step.”
This inventory would include subscriptions to newspapers and magazines, apps, streaming services, and more. “Perhaps you signed up for a temporary free service as a subscription for one month, three months, six months, and then forgot that after that period, you had to cancel it,” he adds. “You would end up paying for it. And you need to ask yourself if you got the expected value or if you forgot to cancel it.”
A CNET survey found that 48% of respondents had signed up for a subscription and then forgotten about it.
Step Two: Check for Duplicates
After taking an inventory, the next step is to check for duplicate accounts. Once you have that list, where are the duplications? Are you and your partner subscribed to the same online news or streaming service, and is there a way to simplify that?
There are many reports of people discovering that they have multiple Netflix accounts. What happened to your old Hulu account when it was merged under Disney’s umbrella? Are you still paying for it? Are you and your spouse both paying for an online subscription to the New York Times?
Step Three: Consolidate and Track Payments
One way to ensure that you cancel free trial periods and do not pay for services you do not use is to group all subscriptions on a single credit card or account. But Liersch points out that this depends on each individual – there may be other things to consider, such as credit card rewards.
There are also websites and software that can help you track your subscriptions. Among them are the personal finance site Rocket Money and the budgeting app PocketGuard.
Your turn
Have you taken an inventory and decluttered all your subscriptions and online accounts? How did you go about it? Share your experience in the comments!
The transition from the physical to the digital world progressed at a breakneck pace. Today, an average American has about 100 online accounts, according to the password management company NordPass. This explosion in the number of accounts can quickly become unmanageable, especially when it comes to subscription services like streaming. On average, consumers spend $220 per month on these services, reveals CNBC. To avoid this digital chaos, here’s how to simplify the management of your online accounts.
Why effectively managing your online accounts is crucial
With three-quarters of users subscribed to multiple streaming services and one-third having up to four distinct accounts like Netflix, Hulu, or Amazon Prime, effectively managing these subscriptions becomes essential. Netflix, for example, has over 300 million subscribers, closely followed by Amazon Prime with 205 million and Disney, which encompasses Hulu and ESPN+, with 300 million subscribers. This proliferation of accounts often leads to double payments and forgotten subscriptions, thus increasing financial stress and confusion.
Automatic charges on credit cards and service bundling do not make the task easier. It is therefore imperative to take steps to track and simplify your digital accounts. A regular inventory of your subscriptions is the first step towards more efficient management.
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How to take an inventory of your online accounts
The first step in simplifying the management of your accounts is to take a complete inventory of all your subscriptions and online accounts. According to Michael Liersch, head of Advice and Planning at Wells Fargo, it is crucial to ask yourself the right questions: “If you don’t remember subscribing to a service, that gives you another benchmark to evaluate whether that service still holds value for you.” Indeed, a LendingTree study reveals that a quarter of streaming service subscribers have at least one account they do not use, a number that rises to 42% among Generation Z.
Start by listing all your subscriptions, including subscriptions to newspapers and magazines, apps, streaming services, and others. It is common to forget to cancel free trials or temporary subscriptions, which leads to unwanted payments. A CNET survey indicates that 48% of respondents forget a subscription after signing up.
By taking this inventory, you will be able to identify the services you actually use and those you can cancel. This not only helps reduce unnecessary expenses but also clarifies your priorities regarding digital consumption.
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Identifying and eliminating duplicate accounts
Once you have a complete inventory of your subscriptions, the next step is to identify duplicates. For example, it is common for multiple members of the same household to be subscribed to the same streaming service, which leads to unnecessary expenses. It is also possible that business acquisitions, such as the merger of Hulu under the Disney umbrella, left active redundant accounts.
Check whether you or your family members have multiple subscriptions to the same service. For example, do you still have an old Hulu account under Disney without needing it? Or are you and your spouse paying separately for an online subscription to the New York Times? Reducing these duplicates can significantly lighten your monthly expenses.
A typical case is the subscriptions to Netflix. With over 300 million subscribers, it is easy to forget that you already have an active account. Simplify your subscriptions by consolidating family accounts or sharing a single subscription among several authorized users.
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Consolidate and track your payments
To avoid paying for unused subscriptions, it is essential to consolidate and track your payments. An effective method is to group all your subscriptions on a single credit card or bank account. This allows you to more easily visualize where your money is going and quickly spot double payments.
Michael Liersch also recommends using financial management tools to keep track of your subscriptions. Websites like Rocket Money and budgeting apps like PocketGuard can help automate tracking your expenses and alert you about active subscriptions.
Advantages of financial management tools
The use of these tools offers many benefits. They provide an overview of your finances, help identify unnecessary expenses, and allow you to make informed decisions to optimize your budget. Additionally, some of these tools offer advanced features such as expense forecasting and financial trend analysis.
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Common pitfalls to avoid when managing your subscriptions
It is crucial to stay vigilant about certain common pitfalls when managing your online subscriptions. First, avoid underestimating the number of services you are subscribed to. Regular tracking of your accounts can prevent the accumulation of hidden or unexpected fees.
Next, pay attention to changes in policy or pricing for the services you are subscribed to. For example, a service may increase its rates or change its offerings, which can affect your decision to keep it or not.
Finally, do not underestimate the importance of securing your accounts. Use strong, unique passwords for each account, and consider using a password manager to protect your sensitive information. This not only reduces the risk of fraud but also makes managing multiple accounts easier without compromising security.
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Case studies: success in simplifying accounts
Many people have succeeded in simplifying the management of their accounts by following these steps. For example, Julie, a young professional, had over ten streaming subscriptions. By taking inventory, she was able to identify duplicates and consolidate her services onto one platform, reducing her monthly expenses by 30%. She now uses Rocket Money to track her subscriptions and receives alerts when a subscription is no longer needed.
Another example is Marc and Sophie, a couple with two children. They decided to consolidate all their accounts onto a single credit card and use PocketGuard to track their expenses. This approach has allowed them to better manage their family budget and save for long-term projects. They were also able to cancel several unused subscriptions and redirect those funds to more productive investments.
These case studies show that with a little organization and the right tools, it is possible to effectively manage online accounts, save money, and reduce the stress associated with financial management.
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Practical tips for ongoing management
Maintaining effective management of your online accounts requires a proactive approach. Here are some practical tips:
- Plan regular reviews of your subscriptions, for example quarterly, to assess their relevance and usage.
- Use technological tools to automate the tracking of your accounts and receive reminders for renewal or cancellation.
- Establish priorities by determining which services are essential and which can be eliminated or reduced.
- Educate yourself on the terms and conditions of your subscriptions to avoid traps and unwanted commitments.
- Communicate with your family or roommates to avoid duplicates of shared services.
By adopting these practices, you can maintain effective management of your online accounts, optimize your spending, and focus on what truly matters to you.
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Additional resources and useful tools
Many tools can help you manage your online accounts. Among the most popular are:
- Rocket Money: A personal finance site that helps you track your subscriptions and reduce unnecessary expenses.
- PocketGuard: A budgeting app that provides an overview of your finances and alerts you to excessive spending.
- Password managers: Tools like LastPass or 1Password secure your passwords and facilitate access to your accounts.
- Custom spreadsheets: For those who prefer a manual approach, creating an Excel or Google Sheets spreadsheet can be a simple and effective solution.
Choosing the right tools depends on your specific needs and comfort with technology. Feel free to try several options to find the one that best suits your situation.
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