Check Your Bank Account for Unnecessary Outgoings
Do your own full audit of your bank account, double check to make sure that all standing orders and direct debits are still valid. OK, this may take a little time to do, but you could end up saving quite a few pounds by doing this. Just checking the last month or two months worth of bank statements is not good enough, you will need to go back at least year. We are used to seeing monthly direct debits leaving our account, but not all direct debits are monthly. Some direct debits can be every two month, quarterly, annually or less frequently. So you now need to check all your outgoings and establish if they are all valid outgoings.
Searching Each Unrecognised Outgoing Payment
Checking and verifying all outgoing payments on your bank statement is an important task to make sure your account is secure and accurate. Start by reviewing each payment in detail, including the date (you don’t want to be paying twice), payee, and amount. If you don’t recognize a company, you can use the internet to research and identify the company. You can also use the internet to read reviews or check the company’s website for information on their services and payment policies. Finally, if you’re still unsure about a payment, you can contact your bank directly for more information and clarification. By taking the time to carefully check and verify all payments on your bank statement, you may just come across a membership or subscription that you thought you had cancelled years ago.
Question Each Outgoing Payment
Questioning your outgoing bank payments is an important step to understanding where your money is going. By asking yourself if a service is really necessary or if there are better alternatives, you can make more informed decisions about your finances. You should also take the time to review your bank statements to identify any services you may be paying for that you may no longer need. Additionally, it is important to keep in mind that some services may come with hidden fees or costs that can add up over time. Taking the time to question your outgoing bank payments can help you manage your money smarter and save for the future.
What if You Find Something You Do Not Recognise
You have done an Internet Search and contacted the bank and you are still not sure what a certain payment is for? This did happen to me a while ago for a couple of payments, I searched high an low, but could find no further information on what the payment was for. So I took drastic action, I cancelled the direct debits and then waited to see who would start shouting. It turns out that one was actually a council tax payment (I did at the time wonder why they had some obscure name???) The other one, to this day I do not know what it was for. Anyway, within days I was able to setup the council tax direct debit again, as they sent a letter saying they were unable to collect the amount due. On the other one, I am no longer paying them and not heard anything since.
Not Just Your Main Bank Accounts Check All Your Account
Many of us have other accounts such as PayPal, so you need to check with your other account to see if you a being leached for stuff that you no longer need or use. It is not unusual for people to stop cancel a subscription or service, but forget to actually ensure that you have cancelled the direct debit or standing order.
Beware of Cancellation Penalties
When cancelling a subscription or service, it is important to check if there is any penalty associated with the cancellation. Depending on the terms of the subscription or service, there may be a cancellation fee or other charges associated with the cancellation. It is best to read the terms and conditions of the subscription or service carefully to ensure that there are no hidden charges. Additionally, it is important to contact the company providing the subscription or service to discuss any fees or penalties that may apply. This will help to ensure that you are not surprised by any unexpected charges when cancelling the subscription or service.
How to Cancel Direct Debits and Standing Order
Cancelling direct debits or standing orders online or by phone is a relatively simple process. To cancel a direct debit or standing order online, you will need to log into your online banking account and locate the direct debit or standing order you would like to cancel. Once you have located it, click on the relevant link to cancel it. If you prefer to cancel your direct debit or standing order by phone, you can call your bank’s customer service line and ask to cancel the payment. The customer service representative will then help you with the process. In either case, make sure to keep a record of the cancellation to ensure that it goes through properly.
This is another step to taking charge of your finances.