Consumers in the UK are wasting an eye-watering £553 million every month on services they don’t use and may even have forgotten about, with 40% of consumers continuing to pay for services they no longer use.
But judging by our latest online survey, Moneywise readers are mindful of the pennies and the pounds. In our most recent poll, we asked people whether they waste money on unused subscriptions.
Tellingly, 50% of the 455 people polled say they only take out subscriptions if they are sure they will use them.
Others were equally canny. Mindful of how those direct debits can get out of control if you are not careful, 21% say they always make one-off payments and avoid direct debits for annual subscriptions.
Moneywise readers are clearly in control of their finances, with 18% always putting renewal dates in their diary, so they will remember to cancel subscriptions.
Our readers who waste money on unnecessary subscriptions are a comparative rarity with just 9% forgetting to cancel them.
This varies from 6% who take out subscriptions they don’t use and forget to cancel for up to six months to 2% who take out subscriptions, which they don’t use and forget to cancel for over a year.
It makes sense to check your bank account regularly, so even the savviest of us don’t see money going down the drain on items we don’t use.