1 in 3 Brits ‘overspending on subscriptions’

Many households are overspending on subscriptions, despite being worried about their finances.

According to research by TSB, more than three-fifths (61%) of Brits have a subscription, and are spending an average of £61 a month.

But over a third (34%) say they have overspent on subscriptions.

That’s despite many people also saying they’re concerned about their wider financial situation.

Nearly one in four (23%) described their finances as “uncomfortable”, while almost a third (32%) are feeling uncertain about the next six months.

Households urged to review subscriptions

TSB has suggested that people review their subscriptions and cancel any services that they’re not using.

“They may seem small amounts, but if you aren’t getting value for money, they soon add up and could save hundreds of pounds over the year,” the bank said.

Nevertheless, nearly one in five (17%) people say they have never reviewed or cancelled a subscription.

Half of households haven’t set a budget

Another problem is that many households aren’t keeping a close eye on their income and outgoings.

In fact, the TSB poll found that more than half (56%) don’t have a budget in place.

Even so, more than two-fifths (42%) of Brits expect their household spending to go up in the next six months.

Six in ten (60%) expect utility bills to be their biggest outgoing, followed by groceries (57%) and holidays (38%).

If you want to prioritise your spending, so you can keep up with essential costs and stop wasting money on services you don’t use, try our budget planner.

Also, read our guide on how to create a budget to help you get started on working out where savings can be made.