Old subscriptions, sign-ups and automatic renewals can drain your money fast.

Citizens Advice research also shows that 40% of people get caught out by unexpected renewals. Another 39% simply forget to cancel free trials they signed up for¹.

We’ve probably all been there. After all, it’s easily done unless you set a reminder to cancel. 

Even small amounts can quickly add up over months. For example, let’s say you pay £89 monthly for a premium TV package you barely watch. And £45 for a gym membership you’ve used a few times. That’s £1,608 a year – enough for a holiday or a great boost to your savings.

If anything you pay for goes unused, it could add up to hundreds of pounds each year. That’s money you could use to reach your savings goals.

Here’s when to be extra careful. January (New Year resolutions), September (back-to-school season), and Black Friday are peak times for signing up to services. Companies know we’re motivated to change our lives, so they make sign-ups as simple as possible.

Every pound you rescue from these forgotten payments can work towards experiences that matter. Instead of paying for a gym you don’t visit, you could fund weekend trips to places you’ve always wanted to visit.

Rather than paying for TV channels you never watch, you could create the garden of your dreams.

Or simply make more sunny day memories with your loved ones.

Make sure you also give your bank statements a quick review.

Use your banking app or log into your online account. Look for all Direct Debits and standing orders. Don’t forget Continuous Payment Authorities (CPAs). These are payments where you gave companies your card details directly.

For each ongoing payment, ask yourself whether this helps your life right now? Do you need it? If you haven’t used a service in the past three months, you probably don’t.

Take action. Cancel anything that doesn't add real value to your life. Yes, it’s admin work. But you’re giving yourself a pay rise!             

Move the money. Once you cancel unnecessary payments, set up an automatic transfer to your savings. You won’t miss money you were already spending. But you’ll notice it growing in your savings account.                                                                                                 

Or simply decide to spend the extra cash on more memorable moments for your future.

At Coventry Building Society, we know that every pound in your savings shows your hard work. Finding and stopping financial waste feels great and can help you save money.

You might be saving for happy experiences. Or building a safety net for unexpected moments. Our range of savings accounts can help your money grow at a pace that suits your goals.

Your money should work as hard as you. When you stop hidden costs, you’re not only saving. You’re choosing to spend on what matters most.