With many of us currently stuck at home, it can be worth spending some time going through our finances to see where savings can be made.
Now is the ideal time to go through our bank statements and review any payments we no longer need – great advice from Money Supermarket.
A good and easy place to start is to go through our bank statements and review our Direct Debits to see whether there are any we no longer need.
A great starting place for a Direct Debit review is a recent article from Money Supermarket: How to review your direct debits
The Money Supermarket article helps you identify relevant payments on your bank account, encourages you to think about whether any of your monthly payments could or should be frozen due to the COVID lockdown, stresses the importance of checking whether there is an underlying contract that you would need to cancel and reminds us that there is a difference between a Direct Debit and a recurring payment taken from your debit or credit card. It also prompts you to think consider whether you can get a better deal on your broadband or car insurance.
Start your Direct Debit review by reading the Money Supermarket article: How to review your direct debits
Financial MOT’s around the UK
As you conduct your Direct Debit review you will be joining many others around the country who have used their lockdown time to check over their statements and see where savings can be made.
“The UK lockdown means many of us are having to take a much closer look at our personal finances. With growing uncertainty about their income, consumers want a tighter grip on money matters, and many are using this opportunity to undertake a much needed ‘Financial MOT’. We know people are starting to cut back on those discretionary items or services as a first port of call, before they review essential everyday expenditure or charitable causes close to their heart”
Craig Tillitson, CEO, Ordo
A recent study by Data Time Research on behalf of Ordo found out that 20% of people in London had already cancelled some of their non-essential monthly payments and a further 26% are thinking about cutting back on non-essential spend.
The Data Time Research study reported some other interesting findings:
- 13% of people in the East Midlands have put a pause on subscriptions like Netflix, veg boxes and National Trust memberships.
- 35% of people in the South West have ceased their gym memberships – or are thinking about it.
- Of the 2,000 adults surveyed those in the South East of England are most worried about their finances as the UK’s lockdown continues.
- Despite being confined to home people in Scotland are most likely to stop their Spotify or other music streaming subscription.
- 60% of Londoners plan on reinstating all their Direct Debits after the lockdown period but only 22% of those in the East Midlands and 36% of those in the North East expect to do the same.
- Average monthly Direct Debits by outgoings vary across the UK – from £350 in the North East to £252 in the East Midlands.
Don’t delay, start your Financial MOT by reading the Money Supermarket article: How to review your direct debits