How much are you really spending on subscriptions?
Making regular micropayments to access the latest entertainment and information is now the norm in the digital world – but do you know what your subscriptions are actually costing you each month?
Four out of five Australian households subscribe to at least one subscription service such as Foxtel, Netflix, Apple Music or Spotify. According to a study conducted in 2021, Australians now have a total of 42 million entertainment subscriptions, with that number likely to exceed 60 million by 2025.*
TV-on-demand, movies, music, online games, dating apps, even public transport timetables are all offered as subscription services – but those small contributions can quickly add up.
If you want to keep a handle on your finances, it’s essential to know what you’ve signed up for and how much you’re paying – but there’s no need to download a stack of bank statements to trawl through. Humaniti’s subscriptions monitoring feature is an easy way to track your spend on all those payments, including the ones you’ve forgotten about. Remember the free trial you signed up for that switched to monthly deductions? No, most of us don’t – which is why an audit of regular payments is a great way to potentially save money.
The Humaniti app automatically analyses your transactions to give you a snapshot view of recurring payments. All subscription services are listed by vendor and amount in the Stats tab, making it simple to review your monthly commitments and decide whether you need them all or if it’s time to cut back. Any money saved can be put towards a longer term goal or redirected into super to help build a brighter financial future.
As always, if you have any feedback or suggestions on how we can improve any of our features to help you better understand your finances, please let us know.
* Source: Telsyte Australian Subscription Entertainment Study 2021