Subscription creep is one of the sneakiest forms of lifestyle inflation. Each individual charge seems small — $12.99 here, $14.99 there — but the combined total can easily reach $20000–$40000/month for a household that's never done a thorough audit. The average Canadian household subscribes to 5–8 recurring services but actively uses only 3–4.
A subscription audit is a systematic review of every recurring charge on your credit card and bank statements. The goal: identify every subscription, assess whether it's being actively used, and eliminate the ones that aren't delivering value proportional to their cost.
Download or print 3 months of bank and credit card statements. Recurring charges often have consistent amounts and merchant names. Look for charges appearing monthly or annually.
Create a simple list: service name, monthly cost, last time you used it, category (entertainment, software, news, fitness, food, etc.)
For each subscription, ask: "If this subscription disappeared tomorrow, would I notice?" If the honest answer is "probably not," cancel it immediately.
Many households have redundant subscriptions. Do you have Netflix AND Disney+ AND Crave AND Apple TV+? Do you use all four? Do you need all four simultaneously? Rotating subscriptions — subscribing to one for 3 months, then switching to another — captures the same content at 1/4 the cost.
A household with all of the above would pay $20000–$30000/month in streaming, music, and digital services alone.
Set a calendar reminder every 3–6 months to re-audit. New subscriptions sneak in — free trials that auto-convert, services gifted by family, apps you installed once and forgot. The audit needs to be periodic to remain effective.
KOHO offers free banking with no monthly fees. Use code 45ET55JSYA for a bonus when you sign up.
Open KOHO Free — No Fees — Code 45ET55JSYA