Ask someone to list from memory how many direct debits are paid out of the account each month and who they are too, and the chances are they will not be able to tell you, the fact is that unless you cancel the direct debit, the bank will continue to make payments at the frequency agreed, until you decide to change it. Whilst paying by direct debit saves you having to remember to pay your bills, it makes us all less likely to looking closely at who we are paying each month.

With the end of the year approaching, now is a great time to go online and review your bank statements in more detail, to see if all the items you are paying for are still relevant. Generally most of us will have one or two direct debits which are now surplus to requirements.

I encourage all my friends to do this every year and they are always amazed to discover the items or services they are paying for but not using.