This Is the Biggest Waste of Money You're Spending Without Knowing It

You could be losing hundreds of dollars each year because of this.

Many Americans have moved away from paying for standard cable service. These days it's all about signing up for streaming services that allow you to watch all your favorite shows and movies at the click of a button. Your subscription addiction may have begun with Netflix—then you added Hulu, and now you've tacked on HBO Max. It's easy to lose track of how many streaming services you're shelling out money to each month. If you have a handful of services you frequent, you may have even forgotten about other platforms. And, as it turns out, underutilized streaming services are the biggest waste of money draining your pockets each month without you even realizing it.

At first, one might consider paying for a streaming service to be more cost-effective than paying for monthly cable service. However, once you begin acquiring bills for multiple streaming services, your finances could quickly get pretty out of hand. A survey conducted by GOBankingRates found that about 9 percent of Americans said they only use the streaming services they're paying for once a month. Additionally, 4 percent of respondents said they never use the services they're paying for at all.

Couple watching streaming services

According to GOBankingRates, these people are wasting an average of $347.81 per year on subscriptions they are not taking advantage of. The main culprits of this egregious waste of money are people aged 25 to 34, as over 7 percent of these respondents said they never use their streaming services.

Another risky overspending spot for many consumers is free trials. Often times entertainment subscriptions lure people in with a week- or month-long free trial. More often than not, people forget to cancel these subscriptions, so the money repeatedly leaves their bank account unnoticed.

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The easiest way to manage how much of your finances are going towards streaming services is by keeping a clear account of which subscriptions you use and how much they cost. Prioritize keeping the services you use daily or weekly, and consider ditching those you only pop onto monthly to save yourself a bit of cash. And to find out if you were born to strike it rich, You May Earn More Money If This Is Your Name, New Study Says.

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