Aussies urged to perform 'subscription audit'

With the rise of subscription-based services for everything from movies to food delivery, Australians are grappling with the financial and organisational burden of managing multiple plans.

According to Finder, 79 per cent of Australians are subscribed to at least one service, but the cost is adding up quickly, with households spending an average of $540 annually on streaming services alone.

Upgrading to ad-free options, adding music and sports subscriptions, can push this figure to around $1700 per year.

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Rebecca Pike, Finder's money expert, highlights how these small costs can snowball.

"It's really easy to sign up, watch some things, and then kind of have subscriptions there in the background," Pike told A Current Affair.

Many Australians may not even realise how little they're using certain services.

Pike says that most streaming services have increased their prices in recent years, with some raising costs by as much as $5 or $6 per month, which can add significant strain to household budgets.

Andrew Woodward, wealth coach from The Investor's Way, echoes this sentiment, telling A Current Affair Australians should perform a "subscription audit".

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Woodward suggests sitting down to evaluate all active subscriptions and only keeping those that are truly necessary.

"Be brutal! Reduce your costs and relieve some of that cost of living pressure," he said.

Woodward offers a free online tool to help people organise their monthly spend.

Many Australians might feel compelled to keep up with subscription trends, but taking a hard look at spending habits can lead to significant savings.

The key to thriving in this "subscriber society" lies in mindful spending and keeping track of what you truly value.