How Expensive Are your Habits?


This new year, make time to review your regular payments such as subscription services – you may be spending more than you think. 




Many content providers for example – from Netflix and Disney+ to Spotify – have increased monthly fees over the past year. However, it’s not just entertainment platforms looking to lock consumers into regular payment plans. There are now subscription services for podcasts, audio books, online newspapers, wine deliveries, make-your-own meal boxes and pet food supplies — to name but a few.


Research suggests the average person spends £39 per month on subscriptions, though many will pay significantly more. Collectively, this means UK households spend £1.6bn a month on such services. Yet not everyone is getting value for money, with one in ten claiming they don’t use some services at all.


It’s not hard to see how this happens. Providers often have low-cost or free introductory offers — knowing many of us forget to unsubscribe within the cancellation period. And while the cost of any single subscription may look modest, once you’re paying for a few, the costs quickly mount. 


A regular review of how often you use these services can pay. There is generally no contract, so it’s easy to cancel payments for subscriptions that are just not working for you.


If it’s a service you do use regularly, check whether you can ‘downgrade’ your payment plan. Streaming services, for example, often have cheaper options with advertisements. Family plans can also be cost effective if more than one person in your household pays for the same platform. Don’t forget to double check subscriptions that charge annual fees, rather than monthly payments, which can be easy to overlook.


Once you’ve saved money from raking through regular subscriptions, conduct a more thorough audit of your finances by looking at other regular bills: from gas and electricity contracts to home and car insurance – savings can often be made by switching to better priced deals. 


For more tips on saving effectively, take a look at our Top 5 money saving tips series.


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To arrange an appointment to discuss how we can help you with your financial planning, or other related matters, you can contact us via your usual MHA adviser, or directly on 01604 621 421, or email the team on


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This is a marketing communication, for general information only, and is not intended to be individual investment advice, a recommendation, tax, or legal advice. The views expressed in this article are those of MHA Caves Wealth or its staff and should not be considered as advice or a recommendation to buy, sell or hold a particular investment or product. In particular, the information provided will not address your personal circumstances, objectives, and attitude towards risk. Therefore, you are recommended to seek professional regulated advice before taking any action.

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