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Title : Direct debits, friend or foe?
link : Direct debits, friend or foe?

Direct debits, friend or foe?

Hello. I like to time my lunch with a listen to the BBC Radio 4 consumer programme, You and Yours at 12.15pm. In the introduction today it said there would be a topic on how to save money on your utility bills. I need to know about this I thought. 

It started with an interview where someone was talking about how they pay their quarterly paper bills into the bank with cash. It makes them more careful about how they use their gas and electric because it makes them mentally connect their usage to the actual cost of it. 

They said what I have been saying for years. They like a paper bill, and they feel more in control rather than having direct debits taken from their bank account. 

The advice given that to pay by a monthly direct debit will be cheaper, is true in one sense, but it doesn't give any incentive to cut down on usage to save money. The mindset is they are going to take the money straight out of the bank anyway, so we might as well use it. Because you are paying upfront before you use it and the payment is moved from your account automatically, you tend to forget about it. Paying cash over the counter, (a cheque in my case), makes you more mindful of how much it is costing you.

By paying for what you use after you have used it makes sense to me. I don't want the hassle of them taking too much money from me, and me trying to get it back. My supplier does not impose penalties on anyone paying quarterly. They charge the same flat rate for everyone, and there is no standing charge.

I shall continue to stick to my guns and not sign up for any more direct debits, I will not do internet banking or phone banking, I will keep on withdrawing the cash I need from the machine inside the bank and use that to pay for most of what I buy. I use my credit card for petrol and food shopping, and any larger amounts which might crop up from time to time. I clear that every month.

Have a listen to the paying for utilities item on Radio 4 today. Move the slider across to 25 minutes. See what you think.

Thanks for popping in, we'll catch up soon.
Toodle pip

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