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Netflix, Spotify, or Amazon Prime are one thing. But now we pay monthly fees for everything from razor blades and snack foods to pet care and rideshare perks.

It's known as the subscription economy — and it seems to have seeped into most corners of consumer life. Businesses love the steady, guaranteed revenue and customer loyalty. We're drawn to the low upfront costs and set-it-and-forget-it convenience.

But that convenience can also be a financial trap. When you're charged whether you use something or not, it's easier to keep paying for it even after you don't need it. Maybe you subscribe to a dating app or job board, but then let it ride even after you're in a relationship or land a new position.

"This is the biggest low-hanging fruit in people's budget these days," said Brian Walsh, SoFi's head of advice & financial planning. "So many services have shifted to subscription pricing because $15 a month seems like nothing. But it adds up, and most people end up spending money on things they don't need or use."

The average American spends $69 a month on 5.2 subscriptions, according to a January survey commissioned by Bango, a subscription platform for companies. Twenty-three percent of those surveyed — including 41% of Gen Z — said they spend more than they can afford.

In fact, research suggests people tend to spend far more on subscriptions than they realize.

So what?

Subscriptions aren't going anywhere — and when used properly, it's nice to have one less thing to think about.

The risk is accumulating charges that fly under the radar, especially with the rising cost of living. In a CNET survey last year, 61% of respondents were reconsidering paid subscriptions because of the state of the economy, and 26% had already cancelled at least one.

To make sure you're not wasting money, here are a few ways to protect your budget:

Conduct an audit. Go through your recent bank statements or use a spending tracker like SoFi's to filter out your recurring charges. Then ask yourself when you last actually used the product, or in the case of premium versions, benefited from the add-on benefits. If the answer is "more than a few months ago" or "I can't remember," it could be time to cancel.

Review your auto-pays. Recurring payments are core to the subscription model. But auto-pay isn't exclusive to subscriptions and memberships. Setting up auto-pay for your electric bill or mortgage is a practical way to avoid forgetting critical payments — and keep your household running. And you're unlikely to stay subscribed to special coffee beans or vitamins after the first unwanted box shows up at your doorstep. It's when you have auto-pay for stuff with no visual reminder — like news subscriptions, fitness apps, or cloud storage — that you can get into trouble.

Outsmart the free-trial trap. It's easy to forget to cancel a free trial. Almost half of respondents in a recent Cabletv.com survey did, making these one of the most effective tools in a subscription company's arsenal.

•  Many of us have used the free-trial period of a streaming app to watch a single binge-worthy show. But since free trials often require you to give your credit card, set a few calendar reminders so you don't forget to opt out before your first bill.

•  When you're going to keep a subscription, research how to cancel, skip, or change the shipment or service before you sign up.

•  Look closely at the sign-up page for boxes that are automatically checked off; Leaving them selected could give the company permission to charge you or share your data.

Related Reading

Subscription Burnout Has Made Gen Z Fall in Love With All Things Physical (Fortune)

GM is Quietly Becoming a Subscriptions Company (Business Insider via Yahoo Finance)

Getting In and Out of Free Trials, Auto-Renewals, and Negative Option Subscriptions (Federal Trade Commission)

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