British households are throwing away nearly £1,000 every year on subscriptions they've forgotten about or no longer use, according to alarming new research.
The Hidden Cost of Forgotten Subscriptions
A comprehensive study by NatWest and the Money Advice Trust has uncovered that the average UK adult spends £48 monthly – or £576 annually – on subscription services they don't actively use. When expanded to household level, this figure balloons to a staggering £988 per year.
Most Commonly Forgotten Subscriptions
- Streaming services (Netflix, Disney+, etc.)
- Gym memberships
- Magazine subscriptions
- Mobile apps and in-game purchases
- Cloud storage services
With the cost of living crisis continuing to bite, financial experts are urging Brits to conduct regular 'subscription audits' to identify unnecessary expenditures.
How to Reclaim Your Money
Money saving specialists recommend these simple steps:
- Review your bank statements for recurring payments
- Cancel any services you no longer use
- Set calendar reminders to reassess subscriptions quarterly
- Consider sharing family plans where possible
- Use budgeting apps to track all subscriptions in one place
With many subscriptions now automatically renewing, it's easier than ever to lose track of what you're actually paying for. Taking just 30 minutes to review your outgoings could save you hundreds of pounds each year.
