If we asked you right now, how many subscriptions you have and how much you pay, would you know the answer?
Our latest Subscriptions Index reveals nearly a fifth of people never review their subscriptions and as a result half of us are currently paying for a subscription we either don’t use or get value for money from. The biggest culprits include gym memberships, TV streaming services, music streaming plans and product delivery services such as Amazon Prime.
By avoiding your subscriptions, you could be wasting around £179.64 a year – that’s £494 million each month across the UK. However, we have a few handy tips so you can make sure you’re fully in control of your subscriptions and are only paying for the stuff that you really want and need.
1. Go through your bank accounts and make a note of every subscription you have and how much it costs. £10 here and there on a couple of subscriptions may not seem like much, but they can add up so it’s worth working out the total cost of all your subscriptions to see if you can still afford it
2. Once you have a list of your subscriptions, it’s time to be realistic about whether you’re getting value for money. When was the last time you used the service? Are you using it enough to warrant the cost? Can you still afford the monthly payments? Are there cheaper alternatives? If you feel like you’re not getting value for money, you’re better of ditching it
3. Alternatively, do some research to see if there’s a way you can pay-as-you-go for the subscriptions you feel you aren’t getting value for money from. Perhaps you can sign up based on your usage or join a scheme that lets you pay as and when without pricey joining fees
4. For the subscriptions you keep, make a note of when the contract is up so you stay on top of it. Each time a subscription is up for renewal you should decide whether you still need it and if you do, check to see if you can still afford it or whether you can get a better deal
5. Another way to reduce costs is by haggling for a cheaper price. If you feel you’re paying too much or perhaps the service you’ve received hasn’t been great, see if you can speak to the company to ask for a discount
6. If haggling doesn’t work, and you’ve seen the provider offering attractive deals for new customers, it could be worth cancelling your subscription and re-joining to make the most of the discounts on offer
7. Some companies will give you money for recommending your family and friends, so make sure you check the schemes on offer with your subscription providers (gym memberships and magazine subscriptions do this regularly) as you could get money off your next bill
8. If you have the funds available, it’s often worth paying for subscriptions you know you need and use regularly, up-front for a year. Most places will give you a discount for signing up for longer periods of time as it ensures a steady revenue for the business
9. Sharing your subscriptions is a great way to save money. You can share screens on Netflix and split the cost or sign up for family plans with services like Spotify
10. It’s also important to set calendar reminders for free trials to ensure you don’t end up locked in a subscription you either don’t want or can’t afford.
