Martin Lewis has revealed how everyone can claim back thousands of pounds in just a matter of minutes.
Speaking on This Morning, Martin asked all viewers to do his 'direct debit challenge'.
This involves taking five minutes out of your day to check your bank account online.
Martin said: "I suspect there will be hundreds of thousands of people who have money dropping out of their bank accounts.
"You should be aware of every payment that is coming out of your bank account."
The Money Saving Expert asked viewers to look at their direct debits and ask themselves:
- Do I need it?
- Can I afford it?"
- "Will I use it?
- Is it worth it?"
If the answer to any of these is no then you should cancel the regular payments.
Where to start?
Martin says there are three ways of thinking when it comes to cancelling direct debits.
There is the obvious ditch, things you don't need but want and then things you definitely need.
For all three he has a money-saving tip.
Obvious ditch - pointless payments
Martin said: "A cameraman on one of my shows once admitted to me: 'I found I pay £1,000s in council tax on my OLD home'.
"I’ve heard of people paying insurance for fridges they chucked years ago, old mobiles they don’t use and many more."
Things you don't need but want
Martin said: "There are some things you want, but don’t need, then the question is, is the gain you get worth the money?
"Think in annual cost, £8 per month is £100 per year – so if it's a TV subscription you only use a few times, is it worth it?
"If not, cancel or try and find something cheaper."
Things you definitely need
Martin said: "Check if it's a good price online or via comparison sites and consider haggling. If it’s not good value use it as a spur to switch whether it’s energy bills, broadband, water bills or more look, at what you can do to save."
