Direct debit change warning: A simple check could save you ‘a few hundred pounds’ | Personal finance | Finance

Earlier today, financial adviser Peter Komolafe told ITV’s Lorraine how he makes huge savings by going through his bank statements with a fine-tooth comb at least once a year.

Mr Komolafe is a money expert appearing in the latest series of Channel 4’s Secret Spenders – a program that helps cash-strapped families get their finances under control.

Appearing on Lorraine on ITV earlier today, he mentioned how people can make huge savings by doing detox through direct debit.

He suggested: “Just take the time to look at your finances – for example your bank statements – as direct debits are changing slightly.

“A lot of businesses are switching from direct debit payments to card payments.”

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Another simple money-saving tip is to limit online spending by paying cash.

Unfortunately, shopping online can prevent people from realizing how much they have spent.

However, assigning a weekly cash limit can help curb impulsive spending habits.

Mr. Komolafe recommended waiting a day or two before returning and buying a more expensive item.

Since the universal credit declining rate changed in November, thousands more people could be eligible for a top-up.

Nearly one million people (850,000) retirees do not benefit from the pension credit.

It could help them meet skyrocketing energy bills and qualify for a free TV license.

Love or Money is available on BBC iPlayer.