How to Do a Subscription Audit (And Save Hundreds)

The average UK household wastes £300+ per year on unused subscriptions. That gym you never go to, the streaming service you forgot about, the app you signed up for once—they're silently draining your money. Here's how to find and eliminate them.

Why Subscriptions Add Up

Subscriptions are designed to be easy to start and hard to cancel:

• Free trials auto-convert to paid
• Small amounts feel insignificant individually
• Annual renewals are forgettable
• Companies make cancellation difficult

ℹ️ The £10 Rule

Every £10/month subscription costs £120/year. That "just £9.99" service is actually £120 annually. Is it worth £120?

How to Audit Your Subscriptions

Step 1: Find All Subscriptions

• Review 3 months of bank statements
• Check credit card statements
• Look at PayPal recurring payments
• Check Apple/Google subscription settings
• Review email for receipts and renewals

Step 2: List Everything

Create a list with:

• Service name
• Monthly cost
• What it's for
• Last time you used it
• Billing date

Step 3: Categorize

• Essential: Definitely keep
• Nice to have: Use regularly but could live without
• Rarely used: Forgot you had it
• Never used: Cancel immediately

---

Track Your Subscriptions

Use iBudget to categorize and track all your recurring expenses.

Start Free

---

Questions to Ask About Each Subscription

• When did I last use this?
• Would I sign up for this today at this price?
• Is there a free alternative?
• Can I share this with someone?
• Do I have overlapping services?

Common Subscriptions to Review

• Streaming: Netflix, Prime, Disney+, Spotify, Apple Music
• Fitness: Gym membership, fitness apps
• Software: Cloud storage, productivity apps, antivirus
• News/Media: Newspapers, magazines, Patreon
• Gaming: Xbox Live, PlayStation Plus, game subscriptions
• Boxes: Food boxes, beauty boxes, clothing boxes

Alternatives to Canceling

• Downgrade: Lower tier, same service
• Share: Family plans for streaming
• Pause: Some services allow pausing
• Annual: Pay yearly for discount (if you'll use it)
• Negotiate: Threaten to cancel for retention offers

💡 The Rotation Strategy

Instead of multiple streaming services, subscribe to one at a time. Watch what you want, cancel, move to the next. Rotate quarterly.

Make It a Habit

• Quarterly subscription review (put it in your calendar)
• Check statements monthly for new subscriptions
• Use a password manager to track accounts
• Set reminders before free trials end

---