Sarah, who used to work for a bank, shared her experience of reviewing her direct debits and finding significant savings. She emphasized the value of this “hack” and how she had previously assumed no savings could be made. Financial expert Martin warned about recurring payments, which can be easily overlooked in bank statements.
He stressed that these payments, made using long card numbers, are often hidden and could include subscriptions and other services. Martin pointed out that many people spend money on recurring payments without realizing it, emphasizing the importance of regularly checking and being conscious of these transactions. To identify these recurring payments, Martin advised people to carefully review their bank statements, whether on paper or digitally, or through online banking.
He also cautioned that some banks might make it more challenging to identify these payments. In summary, Sarah’s experience and Martin’s advice highlight the importance of regularly reviewing direct debits and recurring payments to avoid unnecessary spending.
