Jump Start January: Personal Finance Week: Day 3

Yesterday I made sure my bank statements were all neatly filed and ready to hand, which took less than ten minutes. Today I’ve taken a few moments to look through the regular bills and standing orders that come out of my current account each week, and chosen a payment to cancel.

I’ve picked my LOVEFiLM membership, as my lifestyle has changed in the last few months and I’m not really using their DVD rental service as often as I used to. This is not a reflection on their service per se, it’s just that I now live in a household where Sky+ is a legitimate business expense. While I’d hoped to be able to cancel quickly online it had to be done with a phone call, but it was done in minutes and will save me plenty over the course of the year.

Most of us have something we could cancel: a mag subscription we never read, payments to a low interest savings account, a gym membership we don’t use, and so on. It’s worth skimming through your bank records to find them. Just remember that you might have to check the small print before you cancel: for example, the first year of many gym memberships will be a credit agreement that you can’t easily get out of. Also remember that cancelling direct debits may need extra paperwork compared to cancelling standing orders, depending upon the company that’s taking the payments.

If you’re someone who doesn’t have a direct debit or standing order to cancel, you might prefer to use today to research a better deal on one of your utilities bills or find yourself a new savings account with a more competitive rate.

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  1. Done! Just cancelled my blockbuster subscription. I’ve been meaning to do that for a YEAR!

  2. Hmm… I had a look, but couldn’t find any regular payments I don’t need to make.

    However, I’ve cancelled my subscriptions to a whole bunch of emails from retailers who regularly tempt me with offers. I have an awful habit of falling for these sales, even when I’m not specifically looking or something.

    I’m sure this will save me a heap of cash in the next few months!

  3. I changed my season ticket from a London Underground zones 1-3 to one on the train between the two stations I use 95% of the time – saves me £500 a year, so it’s not a big deal if I have to use Pay-and-Go ocassionally to get the tube

  4. MacPsych – what a top idea. Glad to see you’re fitting everything around your own priorities, hoped it would be nice and easy to customise the daily tasks.

    MaggieBob – Massive saving, congratulations!

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