Financial tips to cut back on unused subscriptions

Saving money on unused subscription services As the new year begins, many are looking at how to save money. CTV Windsor's Stefanie Masotti has some tips from a financial advisor.

From streaming services to fitness memberships to online shopping subscriptions, a new year means a new opportunity to analyze your finances and where you can cut back, according to financial advisor Alynn Godfroy.

"We can't get rid of Netflix. My seven-year-old would lose his mind," she admitted.

She said now is the best time to sit down and closely review your bank statements and pinpoint unused expenses, such as television and/or movie streaming services you don't use as often as you think.

"People don't really go to the movies. They're doing six or eight different subscriptions,” she told CTV News Windsor.

“When I am reviewing budgets, the average household is spending close to $200 a month on subscriptions.”

Also analyze music streaming services, shopping memberships, both online and off, and your fitness routine.

“I have not been on my exercise bike for three or four months so we're saving $63. We put that on hold,” said Godfroy.

From her own personal experience, Godfroy said it is not time consuming to cancel these services or put them on hold.

But if you have additional time to spare, call your internet provider.

“I called to cancel with our existing company. It was $119 a month for high speed,” she detailed.

“They said we'll give it to you for $50 a month. Timeout. As a loyal customer for the last two and a half years, I've been paying you $119. Now that my foot's out the door, you're going to give me $50.”

In the end, the money you save could go towards paying down a credit card or you can put into a tax-free savings account.

"It's it adds up," concluded Godfroy.