Top of main content

How to manage your subscription services and save money

TV, gym, meal delivery, music, software – there’s a growing list of things you can access via subscription services. The good news is these services can save you money. A recent survey found more than 60% of people in Britain use subscriptions because of the value for money they offer.¹

But they can also be easy to forget. A 2019 study in Europe found that 1 in 3 people are paying for subscription services they don’t use² , which means spending more than they need to each month. Even if it’s just an extra charge of £8 a month, that’s almost £100 you’re missing out on saving a year.

If you’re looking to cut back on your spending, managing your subscriptions can be a good place to start.

Here’s how.

1. Review your transactions

Start by going through your statements (you may be able to find these by just looking at your standing orders or Direct Debits) for the last 3 months and identifying all the subscriptions you’re being charged for. Make a list and also add the monthly (or yearly, if you pay annually) cost.

2. Cut what you don’t use

Are there any services you’re paying for that you haven’t used in the last month? Is this inactivity temporary, or are you unlikely to use the service anytime soon? If you can’t see yourself using it in the near future, consider cancelling.

3. Assess what you do use

Now looking at the remaining services, are you happy with what they offer? You may be using a service, but feel you don’t really need it. If you’re unsure, and assuming there are no penalties for cancelling and starting again, you could try going without the service for a month to judge how much value it’s really adding to your life.

4. Look for cheaper alternatives

With the remaining items on your list, are there any cheaper options that would provide a similar service? If there are, consider whether or not you want to trial one to save money.

How to cancel a subscription

What you need to do will depend on the type of subscription you have. If it’s a subscription set up through the App Store or Google Play Store, you should be able to cancel through your phone. See how to do it for:

If you’re an HSBC customer, you can cancel a standing order or Direct Debit at anytime online, or using the mobile app.

What next?

With any money you’re saving from reducing your subscriptions, what do you want to put it towards? Some ideas:

Looking ahead, it could be worth doing this kind of subscription review once every 6 months to make sure you’re happy with where your money is going.

Sources

1whistl survey, May 2018

2Opportunities for retail banks in the subscription economy, minna technologies, June 2019

Apple is a trade mark of Apple Inc, registered in the US and other countries. Android is a trade mark of Google LLC.

It’s easy to get in touch online. Talk to us directly through our chat channels.