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- How much are we spending?
- Three ways to save money on streaming
- Still want to binge but like the extra money?
- Want to try to make money with your money?
If you're anything like the average Aussie, you're suffering from subscription creep.
How much are we spending?
It's okay – it's not fatal – it just means that there's a fair chance that you're spending 20% more on digital subscriptions than you realise, paying for five subscriptions at a time, and losing up to $600 a year on duplicate and unused subscriptions.
This is according to Westpac research, which also revealed the top reasons for overspending:
- Forgetting to cancel a free trial
- Forgetting about an active subscription
- Finding it too hard to cancel a subscription
So what are we subscribing to? On average Aussies spend:
- Gaming: $55 per month
- Video streaming: $21 per month
- Music streaming: $16 per month
Three ways to save money on streaming
If you're making use of all your subscriptions, we say subscribe away! But if not, here are some moves to consider to see if and how much you can save.
1. Review your active subscriptions
Evidence of your subscriptions could be hiding in a few different places:
- On iPhone: Search 'Subscriptions' and tap the Top Hit at the top of the screen. Review your iPhone subscriptions and renewal dates to see if you want to make changes.
- On Android: Open Google Play, tap the profile icon, then Payments and subscriptions.
- Your inbox: Search for keywords like 'receipt' or 'renewal' to see what comes up.
- Your banking app: Scroll through recent transactions for any recurring or unfamiliar payments.
2. Work out your cost per use
The average Netflix user watches two hours of content per day, or 60 hours per month, according to their earnings report. A standard Netflix subscription costs $18 per month in Australia, making the average cost-per-stream 30c per hour.
But what if you add on Disney Plus, Apple TV, Stan Sport, and more? You can only watch one streaming service at a time, but you're paying for all of them, so your cost per watch can add up.
The same logic applies to apps, delivery services, the gym, and so on.
3. Cancel everything and see what you really miss
You can think of this as the nuclear option. Once you've opted out of everything, it'll quickly become clear which ones you actually miss - and which ones you can keep living without.
Still want to binge but like the extra money?
Check out our list of streaming alternatives and other ways to save money.
Want to try to make money with your money?
Consider micro-investing in your future. You can start with as little as you want. Not sure what to invest in? Spaceship has five managed funds to consider.
