Banking/Savings Section

SAVE MONEY - By Cancelling Direct Debits!

April 2005

An amazing fact was published recently.

1 in 5 UK bank customers has forgotten to cancel old Direct Debits. The average monthly payment is £53 or nearly £650 a year. Before tax this relates to nearer £1,000!

Saving Makes Money

If you save money you make money by default. Many people don't realise this. They feel that in order to have more capital you have to work more hours or go for higher wages. True, that's one way but saving money is normally an easier option. For example if you've got a mortgage and re-finance it, the monthly payments may be reduced by 10% or more. And it normally doesn't take more than a few phone calls and meetings to accomplish this. But can you keep asking your boss to pay you more?

20% Chance You've Forgotten

According to the statistic 20% of people who read this article will be able to have more money in their bank next month. All they've got to do is check on a recent statement as whether they have any old direct debits. In fact it's also a good idea to check ALL payments that have gone out of your account over the last 2-3 months to just keep on top of where your money is going.

Internet banking is a real bonus here because you can easily set up and cancel direct debits with a few click of the mouse. If you haven't already got it then contact your bank. Also do likewise with any Credit Cards as most of these can be managed online as well.

• To read the full article click here