The Money Saving Expert team shared the trick, hack and tip in its weekly newsletter. The tip, from team member Steve Nowottny, will be a great way to end the week for millions
Martin Lewis has shared a financial tip for those with bank accounts that could leave individuals around £1,000 richer. The tip, shared by Money Saving Expert in its weekly newsletter, involves auditing direct debits to find potential savings.
An individual named Sarah contacted MSE stating: "I've just reviewed my Direct Debits, prompted by MSE, and saved just over £1,000/yr. I used to work for a bank and assumed I'd find no savings, but the review was well worth it. Thank you." The financial guru previously mentioned a stark case on Jeremy Vines Radio 2 show: "I've paid £16/month for white goods I no longer have for six YEARS."Lewis has emphasized especially with skyrocketing living costs, the importance of rigorously checking recurring payments, advising listeners to axe unnecessary ones such as magazines, gym memberships, utilities or streaming services, reports Birmingham Live.
Detailing the story of a caller from one of his radio sessions, Lewis recalls: "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." Reflecting on the situation, Lewis observed: "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 ."A fellow supporter shared their experience: "Moved two years ago, but was still paying a Direct Debit to my old gym and to what was my local wildlife centre both of which are now too far to visit .
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