Almost a third (29%) of UK adults spend an average of £120* a year paying for unwanted policies, subscriptions, and memberships that they haven’t cancelled, according to new research by online bank Marcus by Goldman Sachs. So, if you are trying to minimise your expenses – subscriptions and memberships are a great place to start. The reality is- you might overlook them because they are regularly debited from your account or fool yourself into thinking that you use them when you don’t. Here are just a few examples…
Minimalism on Female First
Cinema Card: Work out how much you pay, then look back in your diary over the last few months and work out if you have gone enough to justify the expense. If not- just pay as you go so you don’t feel compelled to go and see something you don’t want to for the sake of it.
Magazine subscriptions: This includes TV guides and newspapers too. If the magazine or newspaper you have delivered to your home is simply piling up next to your bed and you have no desire to read it- now is the time to cancel. Similarly- if you always look at the TV guide on your TV rather than via a paper copy- it’s clear that you no longer need to pay for this.
Gym membership: We’ve all done it- joined a gym while feeling highly motivated- only for the novelty to wear off a month later. If you don’t use the gym and prefer to exercise outdoors- your bank account would benefit from cancelling this direct debit.
Entertainment packages: Perhaps you are subscribed to Now TV, Amazon, Netflix or Sky, but don’t watch enough each month to warrant the cost. If this sounds like you and your chosen package no longer has anything of interest- opt for buying a gift voucher instead when there is something you fancy so you only have a one off purchase rather than a regular deduction from your wages.
Hobby memberships: Perhaps you are a member of your local golf club and no longer go, maybe you pay to be a member of your nearest football club and can’t remember the last time you went- or it’s possible you have a membership for a reading app that you’ve not opened in forever. If this sounds familiar, be honest with yourself and accept that these hobbies don’t interest you anymore.
Family memberships: If you have a habit of taking out annual passes intended to entertain your family but have never returned to get the most from your ticket- it might be wise to cancel these if you can. Alternatively, avoid renewing next year so you aren’t tied to one or two places such as zoos, safari parks, soft play centres or aquariums.
Charities: If you are really struggling financially- your charitable donations may need to be reduced. Perhaps you need to be more selective with who you donate to. If you donate to a number of causes- could you reduce this to one or two? Alternatively, you could put the money aside when you have a little extra and give a yearly donation instead.
Tagged in Minimalism Decluttering