According to YouGov, half of Brits (47%) get caught out when signing up for free trials as they forgot or were unable to cancel their subscriptions. This totalled a whopping £800m in 2019. We’ve all done it before – signing up to a service to get something for free and you promise yourself you’ll cancel it before the trial ends, but then life gets in the way!
We all love the services that a subscription provides such as binge-watching programmes on Netflix or listening to your favourite music on Spotify, however we don’t tend to think about whether we get enough value from the service. Some subscriptions are just not worth their money, especially if you aren’t using it as much as you had hoped. That’s why we launched the subscription checker in our app! This new feature will help you decide which subscriptions to cancel based on how often you use the services.
We first analyse your bank accounts to see if there’s any recurring payments and subscriptions to the likes of Netflix, Amazon, Spotify and many more. The app will then ask you some simple questions in relation to how often you use these services - never, a little or a lot. Once done, our app will quickly calculate how much you can save by cancelling the subscriptions you never use or only use every so often.
We understand that many people subscribe to paid services and then forget to cancel them. Subscription services also seem cheap at first as you’re billed monthly, however those subscriptions can start to add up quickly – check out these super subscribers who spend hundreds on subscriptions a month. But not to worry! Our app does all the hard work for you in suggesting which subscription services you should keep and which ones you shouldn’t depending on how much you use them.
Finally, we’ll calculate the amount of money you could save on a yearly basis if you decide to cancel the subscriptions you rarely use!
To use this feature, you would first need to log in or sign up to the OpenMoney app. Once completed, you would then need to make sure that you have connected your current accounts and credit cards to the app. This will help the app search for any paid subscriptions you currently have and will gather them all into one place in our advice section.
Once you’re in the app you would then need to head over to the advice section which can be found at the bottom of your screen. In the advice section you’ll be able to find the subscriptions feature (look for the little pig and his chalkboard!). You can find out more about the advice section and the advice we provide in the app by reading our blog.