Martin Lewis warns Brits to ‘examine’ one factor or ‘lose £1000s’ yearly
Martin Lewis has dropped a bombshell bank account tip that could leave you £1,000 richer. The Money Saving Expert team revealed this absolute gem in their latest newsletter, and it’s got everyone talking.
One savvy saver, Sarah, pinged an email to MSE saying: “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.”
Previously, Martin, the Money Saving Expert who appears often on TV and radio with advice for your personal finances, had highlighted a staggering case: “I’ve paid £16/month for white goods I no longer have for six YEARS.” That’s nearly £200 annually for zilch, which means loads of people are chucking away thousands on stuff they don’t use or need, reports Birmingham Live.
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With the cost of living skyrocketing, Martin Lewis says it’s time to get ruthless with your outgoings. He said: “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.”
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He recalled a call from a Radio 2 show with Jeremy Vine where a listener shared a similar story. The caller told Lewis: “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.”
Lewis responded with: “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! “.
