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Seven tips to help you control your direct debits |
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Written by Nilsson Denver
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Friday, 04 July 2008 21:23 |
1. Now, thanks to electronic banking, the number of non cheque payments can exceed the number of cheques you write. Get your bank statements sent to you more than once a month. Get them sent weekly so you can find and record your direct debits quickly.
2. Use a highlighter marker to highlight each direct debit transaction on your bank statement. This will make it easier for you to find each payment.
3. Know what every direct debit is for. A narrative on your statement of "OP/GE 4546738539", what is it for. Go find out what every direct debit is for. it is your money that someone is taking.
4. A cheque you write and sign, a direct debit or standing order is your permission for someone to take money straight out of your bank account without consulting you. So know when your direct debits are to be paid to ensure you can pay them and anything else that becomes due for payment. 5. When you setup a direct debit with your supplier, remember they take money from your bank account even if you are disputing invoices with them.
6. Use a spreadsheet like bank-bal to help you keep a list of what direct debits and standing orders you pay out and how much this costs you in cash each month.
7. Direct debits and standing orders are taken from your bank account every month. If you do not have sufficient funds to pay them they will bounce just like a unpaid cheque. This could lead to essential services like electricity and phones being cut off because your supplier payment bounced and invoices were not paid. Keep watching your statements for items like this that might slip through. article:100035 (c) Nilsson Denver Ltd 2007 |
