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10 reasons why you should worry about your memberships

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Published: 11/12/2019 | Update: 18/03/2020

10 reasons why you should worry about your memberships

Do you have any idea how many memberships you’re currently paying towards? Fat chance you don’t. According to Nibud, 9 out of 10 Dutch people underestimate the number of subscriptions they have. This wouldn’t be a problem if your administration isup to scratch. However, this is where things go south: contracts are lost, statements are overlooked and the monthly costs start piling up.

At the same time, more and more subscription services are being added. A bike, meal delivery services, underpants, if you can think of it, you can subscribe to it. The numbers don’t lie: every month Dutch people pay an average of €50 towards unwanted or hidden subscriptions.

In this article we list a number of worrying statistics for you. Luckily, we also explain how to get a hold on your subscriptions.

Pile of memberships

10 reasons why you should worry about your memberships
  1. There have never been more subscription services than we have today
  2. The subscription-economy has grown by 100% over the last 5 years
  3. 9 out of 10 Dutch people underestimate the number of subscriptions they have
  4. The average adult has 5 to 10 subscriptions
  5. The average youngster has 16
  6. More than a quarter of people are very slack with subscriptions and postpone cancellations unnecessarily long
  7. Cancelling subscriptions is seen by many as a huge hassle and it is therefore postponed
  8. The average Dutch person pays €50 every month towards unwanted or hidden subscriptions
  9. 40% of Dutch people have no idea that you can save hundreds of euros a year by switching energy suppliers
  10. The indolent mentality when it comes to subscriptions often leads to late payments and even debts, especially amongst young people

Regain control over your subscriptions

On average, Dyme users save €530 per year without lifting a finger. Download the app here!

Rampant increase in subscriptions

Subscriptions are nothing new. History is full of examples of services and memberships for which people paid on a recurring basis. Things like ‘gentlemen's clubs’ in the 19th century, or newspapers and magazines. What is relatively new is the ubiquity of subscription services and the ultimate ease with which you can take out a new subscription.

Within minutes you can have a new subscription: For that brand-new bike or underwear made from bamboo - delivered straight to your door each month. Often times you also get a nice welcome offer, such as a free trial period of 6 months for only a euro. Wow, bargain!

Things that sound too good to be true, often are. And that certainly applies to subscriptions. Subscription services aren’t crazy. With a (too) nice lure, they get you hooked, in hopes that you’ll stay a customer for a long time, because this means they’ll earn back their welcome offer and a lot more with that. With a little luck, you’ll forget about the subscription completely.

And so the money keeps rolling in. It’s no surprise that more and more products and services are being offered on a subscription basis, since this brings in a lot more money than a one-time transaction.

Subscription economy

Less overview due to digitisation

An important development underlying the huge boom in the subscription-economy is digitisation. In addition to marketing and member acquisition benefits, digitisation offers companies infinite opportunities to keep track of their customer base, and payments can be made without any manual labour: Everything can be automated.

While we at Dyme mostly welcome technological innovations, there is also a clear downside in this case. Digitisation has made administration a lot less clear and visible for most people. Transactions are a lot less tangible (test yourself: do you spend more money with your debit card or while using cash on a night out?), cash flows take place in the background and bank statements offer far too little insight.

Stay on top of your finances

Be in charge of your subscriptions

While bank statements and apps seem to fail in providing financial overview, with the introduction of the PSD2 legislation, many new technologies will become available that can better support you in this.

Dyme is one of them. We make our advanced technologies available to you so you can regain full control over your subscriptions. We do this by, among other things:

  • Automatically giving you 1 overview of all your subscriptions;
  • Finding your (hidden) subscriptions and cancelling these, if you so wish to;
  • Showing you which subscriptions you’re paying too much for and, if you wish, arranging a switch to a less expensive provider;
  • Negotiating better prices for your current contracts on your behalf;
  • Providing you with legal support if you have a complaint about a company;
  • and much, much more.

Curious? Download our app for Android or iOS

Have you heard about our app? The Dyme app gives you a complete overview of your finances, so you are always in control of your money. Our smart technology generates overviews of your income and expenses automatically, so you do not have to waste your time doing it manually. We will also help you save money. The average Dyme user currently saves €720 per year on his/her recurring expenses! Want to know how much you could save?