Happy 2025! Are you thinking of making resolutions this year?
I have just written mine out and let me tell you, it was depressing. I’m pretty sure I’ll have broken a third of them by the end of January. But I still have good intentions, despite being a bit rubbish. Sorting out your finances can sometimes feel a bit overwhelming. But it’s not all about debts and being better organised. Did you know that you are probably spending hundreds of pounds every year on subscriptions and contracts that you don’t want or need.
If you’re making a budget so you can keep on top of your finances, then why not take a little time to track these mystery payments down. You’ll be amazed by what you can cancel and the money you can save. You can even claim back the cash if you haven’t authorised the payments.
How to get started
We pay for goods and services through a range of financial institutes, apps and even through our phones. So to track down rogue subscriptions, you’ll need to check:
- Bank accounts
- Credit cards
- E-payment services (like PayPal)
- Your mobile phone bills
- Other online payment services (like Apple Pay or Google Pay)
I’d recommend noting down regular payments for contracts you want to keep on a spreadsheet or a piece of paper while you go – this will become your regular budgeting tool. Keep it simple though! Just the name of the company, amount and date.
What do I have to look for on my accounts?
In order to find things to cancel, I’d recommend going back through your accounts for one year and one month in order to track down every unauthorised subscription or payment. That’s because many businesses have changed the way they bill us from monthly debits to annual ones.
Factoring in that extra 13 th month means you will spot any of these annual debits that might have slipped over the 12 month point sneakily. Don’t trust your bank’s lists of subscriptions – they rarely feature all your regular payments. My main account missed 37 regular payments that happened in 2024 when I checked it for this article.
Going through your accounts is dull, dull, dull, so set yourself some attainable targets. Stick the television or radio on in the background so you’re not sitting in silence and go back through your accounts in three-month chunks. It’s much quicker to do this than you might think. Make sure you write down the period you checked though!
If you spot anything that looks unusual, note down the date and name of the debit. If you don’t recognise it, search your emails for matching payments to see if it’s something you recognise. If you dispute that you’ve ever agreed to the payment, tell the bank, card provider or business that’s allowed the debit that you want to file a claim for an ‘unauthorised transaction’. If it really is unauthorised, you could potentially claim back some or even all of the cash!
Here are some of the key things to look for.
Cloud storage, streaming and anti-virus software
Many of us decide to store data in ‘the cloud’ – even though we might not understand how this works in practice. Because it’s possible to sign up to cloud storage when you buy laptops, phones, tablets, anti-virus software, or anything linked to the internet, chances are you’re paying for more than one service – which you don’t need. Keep one and have one external hard-drive for technology failures.
The same goes for music streaming. Did you get nudged in to paying for YouTube or Spotify ad-free? Was Apple Music the easiest way to hold on to your music collection? Pick one streaming service and settle for adverts. As for anti-virus software, it’s vital, but do you know some firms charge you three times more when your deal auto-renews?
Savings and claims
- Cloud storage prices can range from £1.99 to £9.99 a month and more. Save up to £150+ a year.
- Music streaming services all start at around £9.99 – cancel two and save £240 a year.
- Anti-virus software ranges from £25 to £90. You could claim back £100+
Mobile phone and gadget insurance
Whenever you buy a new phone, chances are the business will try to sell you a new mobile phone insurance policy. If you assumed that the old policy would be cancelled, you may be surprised when you check your accounts. Though it should be obvious to businesses that you don’t need your old policy any more, they often don’t remind you to cancel.
Even better, a multiple gadget insurance policy can cover five or more items for £20 to £30 a month, so if you combine your phone, laptop, tablet and gaming machines in to one policy you could save hundreds.
Savings and claims
Mobile phone and gadget insurance can range from £8 to £20 a month, saving you £100+ for each cancelled policy each year. Combining 5 policies in to one could save you £500.
Dating websites and health plans
Love costs, especially if you’ve signed up for a free trial of ‘premium’ dating services and forgotten about them. Record numbers of complaints about dating websites and premium services were made after the pandemic when people realised, they were being charged without authorisation.
You might not have noticed these payments, because dating sites – like adult services – don’t use their names on your statements (for obvious reasons). So look for regular, mystery payments and see if you can find the ‘welcome’ email from when you signed up.
At the other end of the scale, you may have signed up to healthy food delivery firms, online yoga classes or even pricey gyms. If you’re not using these services, get rid of them.
Savings and claims
- Dating websites range from £7.99 to £50+ a month. If you forgot you’re paying for two, then cancelling could save you £200+
- Food delivery packages start at around £30 to £50 a month (£360 to £600 a month).
- Online health subscriptions vary from £7 to £15 to basic packages (£84 to £180 a month).
- A gym membership can cost £100 per month. Switching to a cheaper one at £30 will save you £840.
Traditional subscriptions
From magazines to streaming sites, we waste thousands of pounds each year on subscriptions we don’t want or need. So be honest with yourself. What can you ditch? If you’ve exhausted Netflix then get rid of it for a bit. You can always go back.
Subscriptions are crafty because they’re often low value, so you might not think too much of a £7.99 debit, but that works out to just under £100 a year.
Savings and claims
Just by cancelling a few subscriptions that you aren’t using anymore, you could save anything from less than £100 to over £1,000 a year.
Subscription traps and fraud
Subscription traps are regular payments that appear after you sign up to a free trial only to be debited large amounts for poor value deals or for non-existent products. The firms are often based abroad and difficult to contact. However, if you tell your bank to cancel and claim back your cash chances are you’ll get rid of the problem. It’s for the firm to prove they can debit you for each transaction. If they can’t, you can ask for the money back.
You may also find that some of the transactions you’ve authorised are higher than you remember. Mistakes do happen, but some businesses do ‘try it on’ and bump up your bill. Don’t be afraid to push back if you spot something that seems incorrect.
Finally, fraudsters can and do try to access not only your bank accounts but online accounts you might be signed up to, like retailers. If you spot a pattern of fraud, report it to your bank or the business that allowed the debit.
- Martyn James is a leading consumer rights campaigner, TV and radio broadcaster and journalist
