Auditing your subscriptions and paid services can seem like a big task but it’s one that could save you hundreds of dollars a year and, it turns out, it’s quite simple to do.
With the rise of digital services, the average Australian is now paying for at least five subscriptions at a time. What’s more, Australians are losing up to $600 a year on services and apps they aren’t using, according to Westpac data.
Curious to see how much I was paying for subscriptions, I did an audit of my bank accounts and credit card statements.
Finding the payments was simple as my banking app has a feature that groups all my recurring payments together, as many banks do.
Once I added them up, I found I was spending a whopping $1,624 a year on subscriptions.
Here’s a breakdown of the costs:
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| Monthly spend | Annual spend | |
|---|---|---|
| Netflix | $33.98 | $407.76 |
| Disney+ | $20.99 | $251.88 |
| Apple TV+ | $15.99 | $191.88 |
| Spotify | $13.99 | $167.88 |
| Amazon Prime | $9.99 | $119.88 |
| Kindle | $12.99 | $155.88 |
| Newspaper | $20 | $240 |
| iCloud storage | $2.99 | $35.88 |
| App Store Purchases | $4.49 | $53.88 |
| Total | = $219.21 | = $1,624.92 |
After going through the list, I decided to cut Netflix, my most expensive streaming service and the one I watched the least, as well as Amazon Prime, the newspaper, and the apps.
All up, I cut $821.52 off my annual subscription bills, which is nothing to sneeze at.
Here’s how to do your own subscription audit in four simple steps.
Step 1: Hunt down all your subscriptions
The first step is to figure out exactly what you’re paying for. It’s easy to forget about a service you signed up for with a free trial or an app you downloaded months ago.
To create your master list, check these places:
- Bank statements: Go through the last 12 months of your credit card and bank statements and look for recurring payments.
- PayPal account: If you use PayPal, log in and review your pre-approved payments or automatic payments history.
- App stores: Check the Subscriptions section on your phone (both Apple App Store and Google Play Store) to find any payments linked to your account.
Step 2: Tally up the total cost
Once you have your list, create a simple table or spreadsheet with three columns: the name of the service, its monthly cost, and its annual cost.
Seeing the total annual figure can be a real eye-opener. That $15.99 a month for a streaming service you rarely watch adds up to $199.99 a year, which could be better used elsewhere.
Step 3: Decide what to keep, pause, or cancel
Go through your list line by line and decide the fate of each subscription. Be honest with yourself about how often you use each service.
Ask yourself these questions:
- Do I use this service daily, weekly, or monthly?
- Does it still provide value to me?
- Is there a cheaper or free alternative available?
- Could I switch to a cheaper plan (e.g. a plan with ads)?
- Could I share a family plan with others to split the cost?
Label each subscription as keep, downgrade, or cancel. For services you use seasonally, like sports streaming, see if you can pause the membership during the off-season.
Step 4: Take action and cancel
The final step is to actively cancel your unwanted subscriptions.
Be aware that some companies can make it tricky to unsubscribe. You may need to log in on a desktop computer rather than your phone, or navigate through several pages to find the cancel button. Don’t let this put you off. The savings are well worth the effort.
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