Millions of households have been warned they could be wasting money every month that could be put towards paying bills and living more comfortably. Many of us sign up to all sorts of services but never cancel them, leaving them draining bank accounts every month despite rarely or never using them.
A common thing people waste money on is streaming services. Millions of us love to relax and de-stress in front of the TV after a day at work but it might be worth questioning whether you need more than one streaming service.
Some households have multiple like Netflix, Disney+ and Apple TV and the costs quickly build up. In reality, most of us are unlikely to use all of these services very often. Experts say choosing the one you use most often and value the most will be cost effective. Cancelling Apple TV, for example, could save £107 a year.
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Personal finance expert, Lexi Burgess, from credit score app CredAbility, said: “Many people are feeling the pinch after Christmas, with our research showing that nearly 60% of Brits overspent their holiday budget this season. No-spend January presents the perfect opportunity for a financial detox that can help you rebuild healthy financial habits.
“While the challenge focuses on avoiding non-essential spending, some costs are unavoidable. Cover your essentials like rent, bills, and groceries, but challenge yourself to be creative with what’s left. Look at areas like subscriptions; the average UK household spends £46 a month on streaming services they barely use.”
She added: “If cutting back further isn’t feasible, focus on tracking your spending instead. Simply understanding where your money goes can be a powerful step toward better financial health.”