Checking and reconciling your bank account each week or month may not be a task you relish but it is essential to keep on top of your spending.  Nowadays most of us have access to online banking and checking your standing orders and direct debits is a relatively easy thing to do to make sure you are not paying for things you no longer need or use.  This could be anything from gym memberships, to your child’s mobile phone and insurances you no longer need. 

It is always prudent to check with the company first to see if you need to give written notice before cancelling the direct debit.  Please bear in mind if you cancel a direct debit without checking with the company first it may appear as a missed payment on your credit record and affect your credit score.