How to stop subscriptions running away with your money

Amazon Prime, Netflix, Microsoft 365, Spotify, cloud storage, Strava and perhaps an AI assistant. How many subscriptions have you signed up for? And, how many are you actually using?

It’s easy to lose track. You sign up for a streaming service to watch one particular programme, download a fitness app to help you get in shape, or take advantage of a free trial because it sounds too good to miss.

Before you know it, you’re paying for services you barely use, have forgotten about or could easily live without.

Individually, a subscription might seem harmless. But when you add them all together, those seemingly small payments can take a serious bite out of your monthly budget.

The subscription spending trap

Research by Barclays suggests that 88% of us have at least one subscription, with average spending of £50.60 a month.

The research also found:

• UK consumers collectively held around 155 million active subscriptions by the end of 2024.
• Spending on digital content and subscriptions has risen by 47.5% since January 2020.
• Subscription spending is growing more than five times faster than overall consumer spending.

While you may have tightened your belt in other areas, subscription spending can be surprisingly difficult to rein in.

This is because the payments are often automatic, the amounts can seem relatively small, and you don’t always feel the impact when the money leaves your account.

Separate research by Traders Union suggests subscription spending has grown by an average of around 9% annually over the past three years, compared with overall consumer spending growth of just 1.6%.

And, if you’re a fan of streaming, you’re certainly not alone. Ofcom’s latest figures show 71% of adults in Scotland use a subscription video-on-demand service, such as Netflix, Disney+ or Amazon Prime Video, while 79% use some form of video-on-demand service.

So, if you’re guilty as charged when it comes to collecting subscriptions, how can you stop them from quietly draining your bank account?

10 ways to get your subscriptions under control

Find out exactly what you’re paying for

You can’t tackle your subscription spending until you know where your money is going.

Start by checking your bank statements, credit card bills and PayPal transactions. Go through them line by line and look for regular payments, even those you might not immediately recognise.

Remember to check your Apple and Google accounts, too, as subscriptions purchased through apps may be billed separately. Don’t forget annual renewals, which can be much easier to overlook than monthly payments.

Make a list of every subscription you have, how much it costs, when it renews and which payment method you use. You might be surprised by what you uncover.

Ask yourself whether you really need each subscription

Be honest with yourself. When did you last use that fitness app? Are you still watching anything on that streaming service? Do you really need three different cloud storage plans? And are you paying for software you could access through a free alternative?

If you’re paying for something you rarely use, cancel it. You can always sign up again later if you genuinely miss it.

Switch off automatic renewals

One of the easiest ways to lose money is to forget that a subscription automatically renews.

Whenever you sign up for a new service or free trial, check the renewal terms straight away. If you don’t want to continue paying, switch off auto-renewal or recurring billing where the service allows you to do so.

Just make sure you understand the cancellation terms. Some services let you keep access until the end of your paid period, while others have different rules.

And don’t assume deleting an app cancels your subscription. In most cases, you need to cancel it separately through the provider or the app store where you signed up.

Put free-trial deadlines in your calendar

Free trials can be a great way to try something before committing your money. The danger is forgetting when the trial ends.

As soon as you sign up, add a reminder to your phone for three to seven days before the trial expires. Include the renewal date, the amount you’ll be charged and a link to the cancellation page if possible.

If you’re only interested in trying the service, consider cancelling straight away if the provider confirms that you’ll retain access until the trial ends. That way, you’re less likely to forget and get charged unexpectedly.

Work out the real annual cost

A subscription costing £8.99 a month might not seem like much. But that’s £107.88 a year for a single service.

Multiply each monthly fee by 12 to see what you’re really spending. For annual subscriptions, include the full renewal cost in your calculations.

You should also consider whether you could put that money to better use. Could it help you build an emergency fund, pay down debt, cover household bills or save towards a holiday?

When you look at the bigger picture, cancelling even a few subscriptions could free up a useful amount of money.

Avoid paying for the same thing twice

It’s surprisingly easy to pay for overlapping services without realising it.

Perhaps you have cloud storage through your phone provider and another plan through a separate provider. Maybe you’re paying for music through two different services, or you have several streaming subscriptions offering similar content.

Check what’s included in the packages you already pay for. Your mobile phone contract, broadband deal, bank account or other membership might include benefits you’re not using.

You could also be paying for an individual subscription when a family or household plan would work out cheaper. Compare the costs carefully, check the eligibility rules and make sure the plan suits your needs before switching.

Rotate your streaming subscriptions

Do you really need Netflix, Disney+, Amazon Prime Video and every other streaming service all year round?

If you only watch one or two programmes on a particular platform, consider subscribing for a month, watching what you want, and then cancelling before the next renewal.

You can switch to another service when there’s something you want to watch there.

Make a note of which programmes you want to see and where they’re available, so you can plan your subscriptions around what you’ll actually watch.

Just remember to check whether a service has a minimum subscription period or cancellation restrictions. And if you share an account with other people, agree on any changes with them first.

Negotiate a better deal

If you use a service regularly and genuinely want to keep it, that doesn’t mean you have to pay the full price.

Check whether your provider offers a cheaper package, an annual payment option or a discount for existing customers. Some companies offer retention deals when you go to cancel, although there’s no guarantee you’ll receive one.

You could also compare competing services to see whether switching would save you money.

But, don’t be tempted by an annual plan simply because it looks cheaper per month. You’ll usually have to pay more upfront, and the saving is only worthwhile if you’re confident you’ll use the service for the full year.

Set yourself a subscription budget

Rather than allowing subscriptions to grow unchecked, decide how much you can comfortably afford to spend on them each month.

For example, you might set a budget of £30 a month for all your entertainment, apps and digital services. The right amount will depend on your income, essential bills and other financial commitments.

Make subscription checks a regular habit

Don’t wait until money’s tight to review your subscriptions.

Set aside some time every few months to check your bank statements, review upcoming renewals and cancel anything you no longer need.

It could also be a good idea to make it a rule to review your existing subscriptions before taking out a new one. That way, your spending stays under control rather than creeping up month after month.

We’re here if you need extra support

Taking control of your money starts with small steps. And taking control of subscriptions is a great place to begin. It’s quick, simple, and completely free to do.

But if you’re feeling overwhelmed by your finances or not sure where to start, you don’t have to figure it all out alone. We offer expert budgeting, debt and income maximisation support to help you get back on track.