(BPT) - Do you know how much you're spending on subscriptions each month? If you're like most Americans, the figure is probably higher than you think. A survey by C+R Research found that on average, consumers' real spending on monthly subscriptions was two and a half times higher than they initially estimated ($219 vs. $86). And 42% of respondents admitted to having forgotten about a recurring monthly subscription that they were still paying for but no longer using.

Clearly, there's a lot of subscription waste - and the start of a new year is the perfect time to tackle it.

Many New Year's resolutions fade by February, but smart financial habits pay off month after month. Taking a fresh look at your subscriptions can help you cut unnecessary costs, choose better options and keep your goals on track long after January ends. Now is a great time to review your subscriptions, cancel unused services and switch to smarter options, freeing up money every month for what matters most. Following are a few tips to help you get started.

• Cancel what you don't use. Most people have subscriptions on auto-pay, and it's easy to lose track of all the services you've subscribed to. Make sure you only keep the ones you actively need or want.
• Prevent surprises. Turn on alerts for all subscription charges, so you know exactly what you're being charged for each subscription and when.
• Pay annually. If you know you're going to use a service for at least a year, pay annually if you can, as annual rates are usually cheaper than monthly ones.
• Be open to changing providers. Sometimes loyalty is rewarded, but special offers for new customers might make it worthwhile to jump ship. Check out competing providers to make sure you're getting the best rates.
• Consider family plans. You might be able to reduce your total cost for streaming, music or news subscriptions, for example, if you switch to a family plan, giving multiple people access under one payment.
• Pay attention to special offers when you make a purchase. Cellphone plans, internet/cable plans, electronics purchases and retail memberships often come with free or discounted subscriptions as a bonus. Make sure you cash in on these if they're services you need and would otherwise be paying more for.
• Take advantage of credit card or banking perks. Credit cards and bank accounts sometimes come with bundles of benefits that can save you money too. For example, ICCU's Central Plus Checking benefits include phone insurance and roadside assistance, allowing you to reduce the cost of your monthly phone plan and skip annual roadside assistance membership. Plus, the ability to manage your money and subscriptions in one place makes saving even easier.

As the subscription economy continues to expand, maintaining oversight and control will only become more important, so make this New Year financial cleanout an annual practice. Give your budget a boost every year by getting rid of unused subscriptions, reviewing opportunities to save, and combining memberships with overlapping benefits.