Here are three tips to help you save on unwanted subscriptions and put more money in your pocket.
Regular subscriptions to products and services can be useful. But they can also be a waste of money – especially if you never use them.
According to official figures, we spend £1.6 billion on unwanted subscriptions every year. However, nearly 10 million out of 155 million active subscriptions in the UK are actually unwanted.*
Take ten minutes every month – save hundreds every year
Know what you’re paying out in subscriptions: Take a little time once a month to go through your bank and credit card statements to find out.
Some of the most frequently unwanted and unused subscriptions include Gym memberships. Magazine and newspaper subscriptions. Club and society memberships. Film and music streaming channels. Recipe boxes. Cosmetics boxes. Dating apps. Gaming apps.
Check for anything you’ve taken a free trial to, which then rolls over into a regular subscription.
Try the two-month rule
It works like this: If you haven’t used that product or service for more than two months, you probably never will, so consider cancelling it.
For products and services you use less than once a month, it’s often cheaper to buy them as you need them.
(Important: Be sure not to accidentally cancel important, regular payments like car, home insurance, or your phone contract.)
Follow up – get your money back
Sadly, some businesses which sell products and services this way don’t play fair. They make it very difficult to cancel unwanted subscriptions. But the law says you should be able to cancel a subscription as easily as you can take it out.
Make a note in your diary or phone calendar for each subscription you cancel to follow up next month. Check to make sure it hasn’t been debited to your account. If necessary, take it up with your bank or credit card company. They may be able to cancel the subscription and get you a refund, too.
Some apps can help you track and manage subscriptions. ScribePay says some of its customers save £2,000 a year.**
The government is considering new laws to clamp down on so-called subscription traps. Until then, take matters into your own hands – the sooner you check your subscriptions, the sooner you will save.
Would someone you know benefit from reading this article? Why not share it and help them save money, too?
* Source: New measures unveiled to crack down on subscription traps
** Source: ScribePay