Spring clean your subscriptions and save $1,200 per year, says ING

New research from ING has uncovered that more than half (55%) of Australians surveyed said that they were planning on doing a spring clean of their finances in 2023. 

Australians are looking to cut back on unnecessary expenses this year, with many looking to unused subscriptions as their first port of call. 

Whether you subscribe to multiple streaming services that you never use, or if you’re a member of a gym you haven’t set foot in for months, unused subscriptions are plainly a drain on your bank account.

According to ING, Aussies with monthly subscriptions worth about $105 (roughly the cost of having most of the major streaming services combined) could save $1,260 on average per year by cancelling their unused or forgotten subscriptions. 

The top three subscriptions Australians are planning to get rid of include entertainment subscriptions (45%), gym memberships (15%), and fitness apps (12%).

A quarter of those surveyed said that they weren’t completely across all their subscriptions and two in five (39%) said they have regular payments that they’d forgotten about. 

Forgotten payments can make a significant dent in your bank account 

ING found that it takes the average Australian 9 months to cancel scheduled payments for services they don’t use or have forgotten they were paying for. This can end up costing them $964 on average – money that could be far better off in a savings account. 

Head of daily banking at ING Australia, Matt Bowen said, “It’s positive to see that many financially savvy Aussies are looking to cleanse their bank accounts this year.

“These findings show that small changes like cancelling an unused subscription or monitoring for non-essential outgoings can make big savings when Aussies need it most. 

“Creating reminders on your phone or setting up bank account notifications are quick wins for keeping on top of your spending and saving those all-important dollars for the year ahead.”

Setting up a reminder in your phone’s calendar for a couple of days before your subscription is due to renew is a great way to stay on top of what you’re paying for. This is especially true for yearly subscriptions, as these are generally more expensive sums. 

Reminders can also work well for monthly subscriptions, as you might be watching something on one streaming service this month, but watching something else on another one the next. 

Do something meaningful with the savings you make

Spending money when you don’t need to gets boring fast. Do something more ‘interesting’ by putting your newly acquired savings into a high-interest savings account. Check out some of the latest savings interest rates below.