Insolvency expert Molly Monks reveals the small monthly payments that can quietly drain household budgets – and how to take back control
MILLIONS of households could be wasting money on subscriptions they no longer use, with Brits spending an estimated £1.6 billion a year on unwanted services.
From streaming platforms and forgotten free trials to fitness apps, beauty boxes and premium memberships, small monthly payments can quietly build into a significant drain on household finances.
Research published by the Government estimates there are around 9.7 million unwanted subscriptions in the UK, with the average person holding approximately three active subscriptions and spending around £500 a year on them.
Molly Monks, insolvency expert at Parker Walsh, says reviewing these regular payments is a simple place to start for anyone looking to ease pressure on their finances.
“It’s easy to focus on the big bills when money is tight, but smaller payments can slip under the radar because they don’t feel particularly significant on their own.
“The problem is that several £5, £10 or £15 payments can quickly add up. If you’re already trying to manage household bills, debt repayments or rising living costs, money leaving your account every month for something you no longer use is money that could be put to better use.”
The 10-minute subscription audit
Molly recommends setting aside ten minutes to review regular payments and identify where money could be saved.
- Check your bank statements
Look through the last two or three months of transactions and highlight recurring payments. Don’t forget payments taken through PayPal, Apple, Google or other online payment services.
- Find the subscriptions you’ve forgotten
Look for streaming services you rarely watch, apps you no longer open, gym or fitness memberships you don’t use, and free trials that have quietly become paid subscriptions.
- Check for duplicate services
Are you paying for several platforms that offer similar content or features? Decide which ones you genuinely use and which you could live without.
- Check the renewal dates
Some subscriptions renew annually rather than monthly, making them easier to overlook. Check when the next payment is due, whether prices have increased and whether there are cancellation deadlines.
- Cancel what you don’t need
If you haven’t used a service in months and don’t expect to use it again, consider cancelling it. Keep confirmation emails and check your next statement to make sure payments have stopped.
How much could you save?
The Government estimates that an unwanted subscription costs consumers around £14 a month on average – approximately £170 a year.
That means cancelling two unwanted subscriptions could save around £340 annually, based on that average. Three could be worth around £500 a year.
“It’s not about cutting out every little pleasure or making life miserable,” says Molly. “It’s about making sure your money is going towards things you genuinely value, rather than payments you’ve forgotten about.
“If you cancel a subscription, give yourself a plan for what to do with the money instead. You could use it to build a small emergency fund, reduce an overdraft or credit card balance, or simply give yourself more breathing room at the end of the month.
“The important thing is to look at your finances as a whole. If you’re struggling to cover essential bills or repayments, don’t assume cancelling a few subscriptions will solve everything – but it can be a useful first step in understanding where your money is going.”
New rules are on the way
The Government is also introducing stronger protections designed to make unwanted subscriptions easier to escape, including clearer information, reminders and simpler cancellation processes. The changes are expected to begin in January 2027.
But households don’t need to wait for the new rules to take stock of their spending.
A quick review of regular payments today could help identify money that would be better kept in the bank.
