How much are you spending on your subscriptions every month?
Download Dyme to find out!
Inez Van der EyckenDo 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.
On average, Dyme users save €530 per year without lifting a finger. Download the app here!
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.
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.
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:
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 €800 per year on their recurring expenses! Want to know how much you could save? Download Dyme
