If you are a bank account holder, it is possible that you are missing out on some serious savings. Finance guru Martin Lewis and his Money Saving Expert team are urging people to check their Direct Debits and standing orders.
Direct Debit Review Could Save You Up to £1,000 Annually
By cutting out payments for services you no longer use or need, you could save up to £1,000 annually. With the rising life expenses, this is the best opportunity to review your finances and stop wasting money on unnecessary expenses. The Money Saving Expert team's latest weekly newsletter included a valuable trick, hack, and tip from their financial expert, as reports Birmingham Live.
Sarah, who wrote to MSE, stated: “I've just reviewed my Direct Debits, prompted by MSE, & saved just over £1,000/yr. I used to work for a bank & assumed I'd find no savings, but the review was well worth it. Thank you.”
Martin Lewis previously noted: It's a shocking but typical example: “I've paid £16/month for white goods I no longer have for six YEARS.” That’s almost £200 wasted each year for no benefit. Many people end up spending thousands on useless products and services.
“This waste has taken on even more significance with the rising cost of living. So whether it's mags, gyms, utilities, Amazon Prime or paid-TV, get tough and cut 'em down.” He added: “I was told on a Radio 2 phone-in with Jeremy Vine several years ago.”
Martin Lewis’s Tips on How Reviewing Direct Debits Can Boost Your Savings
The expert shared that a caller rang in and told him: “I looked through my standing orders for the first time in ages. I've been paying repair insurance for two white goods we no longer have for six years, at £16 a month.”
Mr Lewis stated: “Over six years, that's £1,200 down the pan – think what you could do with that! As the cost of living is seeing large increases, now's the time to flush unnecessary payments out. Soon you'll have more cash in your pocket (no cape or tights required).
“All you need are your bank and credit card statements and a little know-how.” Another fan told him: “Moved two years ago, but was still paying a Direct Debit to my old gym (£330 a year) and to what was my local wildlife centre (£43 a year) – both of which are now too far to visit (and I never went to the gym anyway!). Also cancelled a phone insurance plan for £10 a month, as the phone is now so old it isn't worth the insurance. Total saving for this year: over £500!”