A new online tool could help households across the UK unlock significant savings by reevaluating their entertainment streaming subscriptions. The easy-to-use calculator highlights the financial benefits of scaling back subscriptions, with households potentially saving an average of £128 this year, by cancelling just one subscription.
The UK Subscription Savings Calculator created by UK Debt Expert enables consumers to track their monthly and annual spend on entertainment and food subscriptions. Personal finance experts at UK Debt Expert have used the example of an average household with three entertainment subscriptions, one music subscription and one meal box subscription creating an annual cost of more than £750.
The total cost of these subscriptions could buy more than 210 coffees, 63 cinema tickets and even three-weekend getaways (based on an average cost of £200). Data from the Department for Business and Trade published in 2023 shows that nearly half (49%) of UK adults pay regularly for entertainment platforms.
Commenting on the calculator, Maxine McCreadie, a personal finance expert at UK Debt Expert, said: “Entertainment subscription packages are hugely popular. We know that many people will have a number of direct debits leaving their account every month for two or three different entertainment packages, not to mention other subscriptions for music, meal boxes, fitness apps, and many other services.
“While these monthly expenses don’t feel like much individually, when you look at them as a collective outgoing, it can easily add up to a big chunk of your household’s monthly expenditure. Our calculator will help households to easily compare their spending and make more informed decisions about where savings could be made this year.
“The savings could be put towards a holiday, or for those who like to be super prepared a Christmas spending fund for December festivities.”
Maxine has also provided her expert tips to help people get in control of their subscriptions spending.
Be tactical
Maxine explained: “Everyone loves to binge a box-set and while you’re engrossed in one series on a particular platform, it’s likely that your other subscriptions aren’t being used. Most entertainment platforms offer free cancellation, so stopping payments while you’re focused on one particular series can be a great way to cut back on multiple expenses.”
Set rules for cancelling subscriptions
Maxine said: “It’s easy to lose track of subscriptions which you aren’t even using. Use your bank statements to monitor these recurring payments and agree on rules for cancellation. You could, for example, cancel any subscriptions which aren’t used for more than two months.”
Keep track of free trials
Maxine explained: ‘Signing up for a free trial or introductory offer can be a great way to make the most of a subscription while saving a bit of cash. It’s really easy to lose track of these free trials and offers, so make sure you have a reminder set or a note on your calendar to cancel any free trials before you start paying the full price.”
You can try the UK Subscription Savings Calculator online here.