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The power of direct debits

If you do not monitor your direct debit on a regular basis there is the opportunity for you to continue paying for services which are longer use but if you monitor your direct debits on a regular basis and use the service sensibly there is the potential to save significant money in the long term. So how can you save money with a direct debit?

If you consider how many bills you pay each and every month whether this be the council tax, rent, insurance or any other similar monthly expense, if you do not pay by direct debit how much money do you withdraw from the bank?

The chances are if your bill is for £95 you would withdraw £100, if it was £240 you may withdraw £250 and so on. The chances are that the small excess over and above the total of your bills will be eaten up purchasing items and goods which you probably do not need. Can you imagine if you have four bills to pay and you transfer all of these to direct debit thereby ensuring that only the amount required is taken from your bank account. If you save £10 per bill, i.e. you do not withdraw over and above the amount required, then that is potentially a saving of £40 a month. You get the idea?

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