We’ve all been there. You sign up for a seven-day free trial to watch that one trending documentary, or you join a gym in a fit of New Year’s enthusiasm, convinced that this is the month you become a morning person. Fast forward six months, and the only thing getting a workout is your credit card.
With the cost of living biting hard and fuel prices reaching eye-watering levels, many of us are scouring our budgets for savings. However, the biggest “easy win” might not be driving less or switching brands of coffee; it might simply be admitting that you aren’t actually watching that fourth streaming service.
The Cost of “Set and Forget”
New data from Compare the Market has revealed a startling trend: approximately 50% of Australians admit to paying for subscriptions they do not use. While a ten-dollar monthly fee might feel like a drop in the ocean, these “ghost subscriptions” are quietly draining household budgets to the tune of more than $1,700 per year.
According to the nationally representative survey of over 1,000 Australians, the primary culprit is Netflix. Nearly six-in-10 people who confessed to wasting money on subscriptions pointed to the streaming giant, representing a minimum loss of $119 annually.
However, if Netflix is a leak, unused gym memberships are a burst pipe. Those paying for a gym they don’t attend are losing an average of $93 per month. Over a year, that is $1,116 spent on equipment you haven’t touched and showers you haven’t used.
Putting the Waste into Perspective
To understand the true weight of $1,739 in wasted annual fees, we have to look at what that money could actually buy in today’s economy.
If you are feeling the pinch at the bowser, consider this: that wasted cash is equivalent to roughly 579 litres of fuel, even at a record-high price of around $3.00 per litre. If you are more motivated by caffeine or travel, it covers 289 cups of coffee or even a return flight to Paris with a little extra spending money in your pocket.
The “Big Five” Budget Burners
Based on the survey, here are the top five subscriptions Australians are paying for but not using:
| Subscription | Proportion of Responses | Annual Cost (Minimum) |
| Netflix | 57% | $119 |
| Gym Membership | 27% | $1,116 |
| Disney+ | 24% | $191 |
| Amazon Prime | 22% | $119 |
| Spotify | 21% | $191 |
| Total Potential Waste | $1,739 |
Source: Compare the Market
How to Reclaim Your Cash
The “set-and-forget” nature of modern billing is designed to keep us paying. As Henry Man from Compare the Market notes, looking closely at what is exiting your bank account is an essential move in uncertain economic times.
“Don’t set-and-forget on your household bills,” Mr Man advises. “Look at what’s coming out of your bank account and cut ties if you don’t need them anymore. It’s an easy cost-of-living win.”
Before your next billing cycle hits, take ten minutes to audit your apps. If you haven’t pressed “play” or “start” in the last thirty days, it might be time to say goodbye. After all, wouldn’t you rather have a trip to France than a library of movies you never watch?
