Many people could be guilty of not taking proper care of their bank accounts both personal and business. This in some respects can lead to the fact that people have rolling debits and could be wasting a lot of their money by un subscribing to unwanted debits such as insurance policies or other outgoings.
Although you may have cancelled that gym membership or weight loss class, you do have to remember to cancel the actual direct debit through your bank.
For those forgetting rolling policies, it could be a vicious circle, especially if you don’t have enough finances in the account to cover those debits leaving the account, your bank could then be charging you for going over your agreed overdraft. This doesn’t just happen in personal accounts but also business accounts.
Direct debits are set up to make payment simple and basically not have to worry that other clients and businesses are being paid, however, it is quite simple to forget some payments, especially if you find you are paid at the end of the month, then your debits leave the account at the beginning of the month.
How can you combat this and save yourself some cash?
Internet banking makes managing your account very easy these days. There is no messing around writing letters to the bank to cancel debits.
You can simply go on-line, cancel any direct debits which are unused or simply wasting money and make sure that you have the correct number going out and on the correct dates.
It is a nice feeling to let your debits and payments be automated and not have to worry, simply ensure you have enough money in the bank to cover those payments, organise them in such a way that you don’t have to worry about any element.