Financial adviser Peter Komolafe told ITV’s Lorraine earlier today 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 on the latest series of Channel 4’s Secret Spenders – a programme which helps cash-strapped families get a grip on their finances.
Appearing on Lorraine on ITV earlier today, he mentioned how people can make huge savings by doing a direct debit detox.
He suggested: “Just take the time to look at your finances – so for example your bank statements – as direct debits are changing slightly.
“A lot of companies are going from direct debit payments to card payments.”
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Another simple tip for saving money is to rein in online spending by paying by cash.
Unfortunately, buying things online can leave people not realising how much they’ve spent.
However, allocating a weekly cash limit can help to curb impulsive spending habits.
Mr Komolafe recommended waiting a day or two before going back and buying a more expensive item.
Since the Universal Credit taper rate changed in November, thousands more people may be eligible for a top up.
Nearly one million people (850,000) pensioners are missing out on Pension Credit.
This could help them meet soaring energy bills as well as qualify for a free TV licence.
Love or Money is available on BBC iPlayer.
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