Are you overdue for a subscription audit?

According to a recent study by REST Super, 62% of Australians pay for services or subscriptions they don't use or have forgotten about.

When was the last time you had a good look at all the subscriptions you are paying for each month?

Subscription creep

There is a subscription service for almost anything these days.

From gym memberships, fitness apps like Fitbit and Strava and food delivery subscriptions like Hello Fresh and Marley Spoon to entertainment streaming apps like Netflix, Stan and Spotify to premium apps on your phone, they just keep adding up.

The research by REST Super, showed that Aussies were pouring $3.9 billion down the drain on paid apps, services and memberships they weren’t using.

So there's a pretty good chance that you are one if you are one of the 62% of Australians that pay for subscriptions or services that you don't use.

It may be time for a 'subscription audit'.

Where do I start?

Start by having a look through your bank account and/or credit card transactions for the last month.

You might see debits directly from the providers, like your gym or Netflix.

You might see debits from PayPal if you use PayPal to pay for things. If that's the case, log into your PayPal account and look through your transactions.

You might also see debits from Apple or Google, for subscriptions to apps from your smartphone.

I can't decide whether to keep or cancel a subscription

If you can't decide whether to keep or cancel a subscription, ask yourself each of the below questions. If it doesn't pass the test, cancel it. You can always sign up again later if you decide you can't live without it.

I have no idea what I've signed up to on my phone

Don't be embarrassed - this is extremely common. Here's how to find out what you're currently subscribed to and how to cancel any subscriptions you signed up to through an app.

iPhone and iPad

  • Open the Settings app. 

  • Tap your name. 

  • Tap Subscriptions. (If you don't see "Subscriptions", tap "iTunes & App Store" instead. Then tap your Apple ID, tap View Apple ID, sign in, scroll down to Subscriptions and tap Subscriptions.)

  • You will see a list of all your subscriptions.

  • If you see any on the list that you don't need anymore or didn't know you had, tap on it.

  • Tap Cancel Subscription or Cancel Free Trial at the bottom.

  • You’ll get a pop-up telling you when the subscription will expire if you cancel.

  • Tap Confirm to complete the cancellation.


  • On your Android phone or tablet, open your device's Settings app > Google > Manage your Google Account.

  • At the top, tap Payments & subscriptions.

  • Tap Manage subscriptions.

  • You will see a list of all your subscriptions.

  • If you see any on the list that you don't need anymore or didn't know you had, tap on it.

  • Tap Cancel Subscription.

Tips to reduce costs on subscriptions you want to keep

Streaming services

  • Most video streaming services like Netflix and Stan allow multiple log ins at a time (on the upgraded accounts). Perhaps you can go halves with a friend or family member and split the cost.

  • Spotify now also has a new type of account called Premium Duo. This type of account is available for two people living under the same roof and the monthly cost is AU$15.99 rather than AU$11.99 per person. This is a good option for couples who are paying for an account each and don't mind the monthly fee coming out of one bank account.

Gym fees

  • Depending on the gym you go to, there may be different price points for different levels of flexibility. You might be paying a fee which allows you to use any location around the country, but you may only use one of them. You could save a few dollars per week for dropping down to a single location.

  • Some gyms offer discounts when you join with a friend. If you know someone that wants to join the gym with you, or is already going to your gym, speak to your gym manager about whether you can both get a discount for joining together.

  • Some gyms offer a pay upfront option for 3, 6 or 12 months which often work out cheaper than paying weekly, fortnightly or monthly.

  • Consider changing gyms - if there are other gyms in your area, it is a worthwhile exercise finding out their pricing. If you find something cheaper and let your current gym know you will be switching, they might even negotiate a better deal to keep you.

  • Consider cancelling your gym membership and switching to one of the many fitness apps that are available for a fraction of the cost. Apps like 8fit, All Out Studio, and SWEAT offer many different types of workouts for different fitness goals that you can do at home or at a local park, can help to keep you motivated, and can also help you to manage your nutrition too.

Paid subscription services that also offer free versions

  • Many paid subscriptions also offer a free version of their service. Have a look at what the free version of the service includes, and if it meets your needs, downgrade to the free version.

Keep on top of it all

As part of the Asset101 Financial Coaching Program, our clients have an online budget tracker which automatically feeds all their financial transactions into one place for easy understanding and management of their day to day finances.

More importantly, our clients can have monthly one-on-one coaching sessions with their coach, which not only keeps them accountable to sticking to their budget and achieving their goals, but provides the opportunity every month to identify any unnecessary expenses.

If you would like to learn more about how our Financial Coaching Program may assist you to achieve your goals much faster than you usually would, call us on 08 7200 7228.

* The information contained in this report is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs.

** The information and pricing included in this article were correct as at the date of writing (16.11.2020).


Want to get serious about paying off your debt or saving more money?

Book a complimentary appointment with us online, or by calling us on 08 7081 0811.