How much money are you wasting on subscriptions?

Did you know that in the UK last year, £1.6 billion was wasted on unused subscriptions. This averages out at around £123.40 per year for each adult in the UK. But, being an average, for some people this amount is much higher.

So why does this happen? How can you check what subscriptions you are paying and cancel those you don’t want? And is it possible to cut back on the cost of subscriptions but still enjoy some of the benefits?

Let’s take a look.

The most common reason for paying for unwanted subscriptions

Recent research identified the most common reason for unwanted subscriptions is auto-renewal. This is where your subscription is renewed automatically unless you contact the company in advance to cancel it.

In 2025 40% of UK adults had at least one unwanted subscription auto renew. And close behind, were 39% of UK adults who signed up for a free trial of something then forgot to cancel it at the end of the free trial, so ended up paying for it.

But unwanted subscriptions can usually be avoided if you monitor them carefully. So from now on, be alert to the ‘subscription trap’ where you think you’re making a one-off purchase but are actually signing up to a subscription with payments regularly leaving your bank account. 

Always. Read. The. Small. Print. 

How to check for and cancel unwanted subscriptions

It’s worth taking a bit of time to check all your subscriptions, then cancel any that you don’t want. 

• Check which subscriptions you are paying for

The best place to check which subscriptions you are paying for is your bank statement. Most online banks give you the option of looking at a list of your direct debits, so make a note of any regular monthly subscriptions that are being taken out. Also look for direct debits that either are further ahead or the statement says something like “frequency not known”, as some subscriptions renew on an annual basis. 

As well as direct debits you need to check for any Continuous Payment Authority (CPA) payments on your debit card. If CPA payments are set up, a supplier can take payments automatically from your debit card. So on your bank statement look for any other regular payments : CPA payments are often identified by your long 16-digit card number. On your banking app, there may be a section called either Scheduled Payments or Subscriptions, which enables you to see regular payments that are not direct debits.

If you use a third party payment platform such as PayPal, Apple Pay or Google Wallet, you may also find that you have also set up regular payments on one or more of these. You can check this by logging into the website or app and checking all recent transactions to see if any subscription payments are included. 

• Check how much you are now being charged

As well as the subscriptions themselves, double check how much you are actually being charged. You should always be notified of any increase in the amounts you are paying, but small increases are easy to ignore at the time. It’s not until you check all your subscriptions and find that you are now paying, say, £10 per month each for three different streaming services that started off at £6 or £7. Which all starts to add up when it’s on a monthly basis.

• Cancel the subscriptions you no longer want

To cancel a subscription, contact the provider. It is often possible to do this by email, WhatsApp or chat if you don’t have time to phone. 

If you pay by direct debit, and you are up to date with payments, the company should stop taking payments under the Direct Debit Guarantee. If payments continue, contact your bank who will cancel the direct debit, inform the provider, and issue you an immediate refund.

You should also contact your bank if you pay by CPA and the company continues to take money. The bank is legally obliged to stop CPA payments if you request them to do so.

How to enjoy subscriptions but cut back on the cost

The good news is that taking control of your subscriptions isn’t all doom and gloom. It’s possible to still enjoy the benefits of subscriptions whilst not wasting money on them. Here are three ideas to try:

• Make sure you are not paying for the same service twice

Always check to make sure you are not paying for a service you don’t need to. For example, if you pay for Amazon Prime, this not only covers free delivery on many of its products, but also includes Prime Video, Amazon Music, Prime Reading and free photo storage.

Some bank accounts also offer free subscriptions as part of their benefits, for example a Club Lloyds bank account includes 12 months of Disney+ as one of its lifestyle benefits.

• Rotate TV subscription services

If you pay for various TV streaming services, why not consider rotating them? Different series and films are available on different platforms at different times, so you could binge watch the series and movies you like on one streaming service, then cancel that and switch to another. You can cancel and start/restart monthly streaming contracts whenever you like, without restriction.

• Team up with family and friends to share costs

Within a household, it is usually more economical to share a couples or family subscription rather than each person having their own. Some subscriptions also allow you to share membership between different households. For example, a Netflix Household account covers a collection of devices in one place of residence, but with a Netflix Standard or Premium plan you can also share Netflix with someone who lives elsewhere by adding an extra member to your account.

We hope that the above tips enable you to save money on subscriptions in 2026. For more ways to cut the cost of everyday aspects of family living, check back here soon with us at Loans 2 Go.

This blog/article provides general information only and does not constitute financial advice.