A question for financial gurus: Is it worth it to keep your Hulu?

Answer: The average consumer spends $219 per month on subscription services

Questions:

• What subscription services do you think are essential, and which could be considered luxuries?
• How should an individual decide which subscription services to keep and which to cancel?
• Discuss the concept of opportunity cost in the context of subscription spending. What are individuals potentially giving up by maintaining these expenses?

Here are the ready-to-go slides for this Question of the Day you can use in your classroom.

Behind the numbers (C+R Research): 

"On average, $86 per month was the initial amount consumers estimated they spent on subscription services. 

But upon closer look at their itemized expenses, the average monthly spend for consumers was more than 2.5 times the amount they thought at $219 – a whopping $133 higher than their original estimate. Almost one-third (30%) of the people underestimated by $100 to $199 and nearly a quarter each underestimated by less than $25, $25-$99, and $200 or more."

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One way to avoid losing track of your subscriptions is to review your credit card statement. Here's the NGPF Activity - FINE PRINT: Credit Card Statement to teach your students how to interpret this statement.

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About the Author

Ryan Wood

Ryan grew up with and maintains a love for learning. He graduated from the University of Wisconsin-Green Bay with a degree in Business Administration and worked in sports marketing for a number of years. After living in Texas, Colorado, Tennessee, and Minnesota, the call of education eventually brought Ryan back to his home state of Wisconsin where he was a Business and Marketing teacher for three years. In his free time he likes to spend time with his wife and daughter, play basketball, read, and go fishing. Now with NGPF, Ryan is excited to help teachers lead the most important course their students will ever take.