From shopping and entertainment to meal delivery and health and fitness apps, there's a subscription for just about everything. But do you know how many you’re signed up for and how much you’re spending on them every month?
According to recent data, the average Australian household spends $62 per month on digital media subscriptions.1 But, here’s the catch: 64% are concerned about the cost of having multiple subscriptions, with many overspending average target monthly budgets.2
So, is it possible to better manage subscriptions? Read on for ways to evaluate and handle subscription services and payments.
A subscription is a business model where a company charges a recurring fee to access its products or services, which could be monthly, quarterly, or annually.
Here are some common examples of subscription services:
After a customer signs up for a subscription online or through a mobile app, they are typically charged automatically on a regular basis. Many subscription services also offer free trials, promotional periods, or tiered pricing options to attract new customers or retain existing ones.
Check out an overview of common subscription types and how they work:
Wondering how to manage recurring payments? Consider these best practices:
With so many options for subscription plans, it’s easy to forget which ones are being paid for — and even easier to forget the ones no longer in use. Auditing your subscriptions can help you ensure you’re not spending money on products and services you might not be using.
To audit your subscriptions, you could start by:
Learn about PayPal here.
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