How to stay on top of your online subscription spending
Between online video streaming, sports, delivery services, music platforms, e-books and fitness apps, it's easy to lose track of what digital subscriptions you’re paying for.
With our digital landscape pulling our attention in so many different directions, most of which need paying for, it’s not hard for our money to just disappear.
While most services can be less than $20 per month, those costs quickly add up when you rely on multiple platforms for your entertainment.
Research has shown that lots of Aussies are facing the same issues, with subscription services forecast to rise by more than 58 per cent between 2020 and 2024.
Telsyte managing director Foad Fadaghi said Aussies were quick to embrace digital entertainment, and the pandemic has seen this trend continue to grow.
He said, “It’s not just video — it’s going to be gaming too. In the past, people would go to a restaurant or the cinema. When they’re locked up or their movements are limited, casual gaming is a huge attraction.”
If you’re finding yourself overwhelmed by an influx of various subscription payments, there are ways to help you keep tabs on your spending.
Apple will let you check ongoing subscriptions in the menu of an iPhone or iPad under your iCloud account, for example, and you can cancel and view items from there.
Subscriptions ordered through Google can be managed in the settings of your Android phone or in a dedicated menu at play.google.com.
There are also budgeting apps such as TrackMySubs.com where you can sign up for reminders on when your subscriptions need to be renewed.
Even though they’re a recurring expense, Mr Fadaghi said some subscriptions may be worth it.
“It comes down to the utility of those subscriptions,” he said.
“If people are using them regularly, it can make good financial sense.”
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