With the rising cost of living, it’s more important than ever to keep a close eye on where your money goes. One area that quietly eats into many people’s budgets is subscriptions. From streaming services and music platforms to app memberships and online deliveries, these costs can quickly pile up without you noticing.
The true cost of subscriptions
Subscriptions have become increasingly popular, but also increasingly expensive. A recent report by Bango found that the average Brit now spends £696 each year on subscription apps and services. That’s nearly £60 a month – enough to cover a weekly food shop or make a real dent in an energy bill.
When times are tight, these regular payments can quietly drain your bank account, leaving you with less for essentials or saving for the future.
A simple 3-step check to save money
Taking control of your subscriptions doesn’t have to be hard. Try this straightforward three-step process to help you cut back and make your money work harder:
- Review:
Go through your bank statements and look for any regular payments. Write down all your subscriptions and what they cost each month. You might be surprised how many small amounts add up. - Cancel:
Think carefully about whether you really use or need each subscription. If there are services you rarely watch or apps you hardly open, consider cancelling. Many people keep subscriptions out of habit, even when they no longer get value from them. - Save:
Take the money you’ve freed up and put it towards something meaningful – whether that’s building your savings, paying off debt, or covering rising household bills.
Alternatives that don’t cost a penny
Before paying for more content, see what’s available for free. Hertfordshire Libraries offer a huge range of digital magazines you can read online or download at no cost. From lifestyle and fitness titles to home and travel magazines, there’s something for everyone – without another monthly payment. It’s an easy way to cut out a subscription or two while still enjoying your favourite reads.
