The subscription services industry is currently valued at £ 395 million, according to research by Barclays. It’s a tear-jerker image, and it looks like many of us are signing up more than ever. But are your Netflix and takeaway habits ruining your bank balance?
How many of us use subscription services?
In July 2020, the number of subscription service users increased by 39%. They are now so popular that 81% of households regularly spend money on at least one subscription.
The explosion of the subscription market is partly thanks to the lockdown. More than 20% of retailers who did not already have a subscription service in 2020 were designed to achieve the most trends, as most of the nation was behind closed doors.
How much do we spend and on what?
According to Barclays, customers spend an average of £ 620 per year. The most popular subscription services, including the breakdown of their popularity, are:
- Entertainment (46%)
- Food and food box service (16%)
- Technology (14%)
- Beauty & Cosmetics (12%)
- Books & Literature (11%)
- Flowers & Gardens (11%)
- Health (11%)
- Pets (11%)
- Restaurant Meal Kit (9%)
- Alcohol (9%)
As a result of the lockdown, TV streaming services have strengthened their position. It also seems like food subscriptions are here to stay because about a fifth of the British are now subscribed to the plan. In the last 1 month, food subscription has been especially convenient. So it is not surprising that more than a quarter (27%) of adults now receive half of their meals from this type of service.
How can you keep track of your subscriptions?
More and more businesses are seeing plus points for subscribing to us. In fact, this is an area where retail experts predict only 30% growth in the next 12 months.
With that in mind, it’s up to us as customers to keep an eye on our subscription costs. Of course, the reality is that it’s said to be a lot easier said than done (especially when those introductory offers run out).
So, with that in mind, here are four ways you can effectively keep track of your monthly subscription expenses.
1. Check your phone
If you sign up for a service through an app on your phone (or tablet), you can view (and cancel) all your subscriptions there.
If you have an iPhone, go Settings And then click on your name. Go Subscription On the menu and they will be there. If you are an Android user, you need to go to Google Play, click on your profile and choose Payments and subscriptions.
2. Use an app
Thanks for opening banking, here is a good range of money management and budgeting apps that will track your expenses across all your bank accounts.
Many of these (such as Emma) will have a feature that highlights recurring payments so you always know where your money is going.
3. View your bank statement
It may be old school and it may take time, but it’s a sure way to catch up with all your subscriptions.
This is a great opportunity to see what’s in your account at the end of each month, which can inspire even a little bit of budget.
4. Make a note
If you are something like me, you can give a magazine subscription as a gift. But it’s easy to forget the subscriptions you’ve paid for in years. This is why it’s a good idea to set a reminder for what you subscribed to, how much it was, and to renew or cancel.
When the time comes, you can simply and quickly decide whether to renew or cancel.
Keep in mind that magazine subscriptions, in particular, are more likely to be listed under the publisher’s name than the magazine’s headline.
For more help and practical budgeting tips, check out these seven budgeting tips for beginners and this great budgeting template for keeping your financial check.
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