Are apps and subscriptions depleting your debt health?

"There's an app for that" is more than an amusing remark. For many of us, it's become a ubiquitous financial reality. Between apps and subscription services, we can pick and choose small luxuries designed to entertain us and make our lives easier. But do they? Do the apps and subscriptions you pay for improve your life—or just add one more thin layer of costs that drain your cash and lead to debt stress? 

Got apps? So many options!

Here's an (abbreviated) list of the types of apps Americans are spending money on:

• Gaming apps

• Health and fitness apps

• Online news apps

• Finance apps 

• Dating apps

• Map apps

• Meditation apps

• Gardening apps

• Weather apps

• Photo editing apps

• Television streaming

• Music streaming

• Sports streaming

Then, there are subscription services that are becoming a staple in millions of homes. They include:

• Curated clothing subscriptions

• Car accessory subscriptions

• Pet supply subscriptions

• Grooming subscriptions

• Audiobook subscriptions

• Alcohol delivery subscriptions

• Meal delivery subscriptions

Any of this look familiar? What's fascinating is that these examples are just a drop in the bucket. You can probably think of half a dozen more apps and subscription services people pay for. 

It's your budget that matters

Let’s look at apps and subscriptions through the lens of your budget.

Layering can lead to overspending

Let's say your cable or dish TV becomes too expensive. In an effort to stick with your monthly budget, you switch to individual streaming services instead. As long as the streaming channels provide the entertainment you're looking for and you're left with a little extra in your bank account each month, that's great! 

However, not all apps and subscription services work that way. For example, it's pretty easy to add one streaming service after another. Eventually, you could find that you’re paying more for your entertainment options than you would have if you'd stuck with good old TV. 

Subscribe and forget

It's easy to pay for an app you're sure you'll use…only to forget you have it. 

Subscriptions that lose their shine

If you pay for subscription boxes, like grooming supplies or fruit delivery, you may not always be thrilled with the latest delivery. For example, if grooming supplies chosen by the subscription service fail to impress you or your fruit arrives bruised, it's possible to feel like you've wasted your money. And that's what you're looking to avoid. 

App overload

There's a very real issue of forgetting exactly how many separate apps and subscriptions you're paying for. Some apps may be worth it. But just as you're unique, so is your budget. It may be time for a closer look. 

Hunt down your apps

Let's face it. You're probably busy. Carving out time to go through your bank statement line by line can be inconvenient. It's easy to forget which apps, subscriptions, and services you're paying for each month. Just as tricky is remembering when each app or subscription is due to renew. 

Take some time to focus on the bank and credit card accounts that you use every day. Household bookkeeping isn’t exactly a Saturday night date. But the time you spend could pay you back big time. If figuring it all out seems overwhelming, breathe and start by focusing just on the current month. You may eventually need to look back a full year to find annual subscriptions you forgot about. But you don’t have to do it all at once.

Take time to organize your finances—and boost your debt fitness

Take the Achieve Debt Fit™ quiz. It’s designed to bring you face-to-face with your current financial situation—in terms of your debt, cash flow, financial risks, and goals. It allows you to see where you're flourishing and helps you identify any areas that could use a little TLC. 

Also, try a free budgeting app like Achieve MoLO (yup—it’s free to download and use). Once you start using the app, you’ll have a much easier time looking back to see where your money went. It’ll also show you your upcoming transactions in an easy roadmap view—so you’ll know what subscription fees are coming up in time to cancel them. The best budgeting apps use technology to help you find ways to stretch your budget further and address any debt you might have.

It may be that apps and subscriptions have little impact on your budget. Or, they may have snuck into your everyday life, creating a hole in your bank account. Either way, knowledge is power. Knowing where you stand is the first step in taking control of your financial future.