Martin Lewis issues 'cancel it' Direct Debit warning as you could save £1,000

Martin Lewis has offered advice that could boost anyone's bank balance by a staggering £1,000. The Money Saving Expert team have unveiled a savvy tip in their latest newsletter.

Sarah, one of their readers who emailed in, said: "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."

Mr Lewis had previously highlighted a common issue saying: "I've paid £16/month for white goods I no longer have for six YEARS."

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He noted that needless direct debits can add up to nearly £200 annually for nothing. With countless people shelling out on unwanted products or services, he emphasized how crucial it is to cut costs - especially now with the rising cost of living.

Martin Lewis urged: "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", reports Birmingham Live.

Recalling an insight shared on Jeremy Vine's Radio 2 show several years ago, Martin Lewis said a caller 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."

That misstep, noted Lewis, added up to a whopping £1,200 effectively thrown away and stressed the importance of purging such unnecessary costs amid climbing living expenses: "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 follower shared with 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! "