Are you a victom of the subscription trap? Here's how to break free and save yourself up to $600 a year!
Signing up to a subscription shouldn’t feel like collecting Pokemon - the goal isn’t to “catch them all”, it’s to sign up to the ones you’ll actually use.
But let’s be honest, we’ve all fallen victim to a few subscriptions that we thought we might use, or signed up to on a free trial and then completely forgot about it.
And while this might feel like a small amount of money here and there, have you ever stopped to add up how much these subscriptions actually cost you?
Turns out, the average Australian spends about $63 per month on subscriptions, which is over $750 a year!
Yup, those innocent looking automatic payments can stack up real fast.
The subscription trap is when you’ve got tons of automatic payments coming out of your bank account, and it’s become too hard to track how many subscriptions you’re paying for…and whether you’re still using them.
And the worst part? When the cost of a subscription you never use (but still pay for) sneakily jacks up their pricing and you didn’t even know about it?
You’re not alone.
Almost one in three Australians (32%) have paid for subscriptions that they've forgotten about!
But the story gets worse, because in the last year, subscription platforms have been increasing prices like no tomorrow.
Here’s what popular subscriptions are costing now:
And that’s just video streaming subscriptions. Don’t forget there’s also gym memberships, fitness apps, food delivery services, AI platforms, plus more. Last year, the average monthly spend on subscriptions increased by 11% and this amount is likely going to keep rising as more businesses move to a subscription based model.
According to Westpac, three in ten Australians are losing up to $600 annually on duplicate subscriptions alone.
With that much up for grabs in savings, cleaning out unwanted subscriptions is a no-brainer.
Now you can do this the manual way (downloading bank statements and reviewing your monthly transactions) or download the Flux app.
We’ve got a subscription tracking tool that quickly identifies all your recurring payments, so you can find all those pesky subscriptions hiding in your automatic payments and hit that cancel button for good.
Your extra savings can then go towards hitting your financial goals - win win!
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