Martin Lewis believes many people could save themselves 'hundreds of pounds' simply by spending five minutes checking what's in their wallet.
Writing in the latest edition of the MoneySavingExpert (MSE.com) newsletter, the consumer champion has shared what he calls a 'Wallet Workout' - a checklist of simple money-saving checks designed to help people uncover forgotten savings, avoid unnecessary costs and make sure they are not missing out on valuable financial perks. Martin said: 'Give me your (digital) wallet or purse for five minutes and I can usually save most £100s!'
Martin explained that the idea dates back to the early years of his career, when checking someone's wallet became something of a 'party trick'.
Key savings opportunities
Martin's Wallet Workout contains 17 checks in total, covering everything from bank accounts and travel documents to consumer rights and money-saving offers. You can read the full checklist on MSE.com and get a taste of the biggest savings opportunities highlighted below.
Switch your bank account: Martin says people who have stayed with the same current account for years could be missing out on lucrative switching offers. Several banks are currently paying cash incentives to eligible new customers, with some deals worth up to £220.
Check your driving licence: Drivers are also urged to check the expiry date on their photocard driving licence. Martin says millions are thought to have out-of-date licences and warns motorists could risk a fine if they are caught driving with an expired photocard.
Credit and cashback
Review expensive credit card debt: Anyone paying interest on existing credit card borrowing should consider whether they are eligible for a 0% balance transfer card. Martin says moving debt to an interest-free deal could allow borrowers to pay off what they owe more quickly, as more of each repayment goes towards clearing the balance rather than paying interest.
Earn cashback on everyday spending: The newsletter also highlights cashback credit cards, which can reward shoppers for everyday purchases. However, Martin stresses they should only be used if the balance is paid off in full every month, otherwise interest charges could outweigh any rewards earned.
Travel and consumer rights
Check your holiday essentials: Anyone travelling abroad should make sure their Global Health Insurance Card (GHIC) or European Health Insurance Card (EHIC) is still valid before they leave. The free cards provide access to state healthcare in many European countries on the same basis as local residents, but Martin says millions have now expired.
Know your consumer rights: Martin also reminds shoppers about the protection offered by Section 75 of the Consumer Credit Act. Paying even a small part of a purchase costing between £100.01 and £30,000 on a credit card can make the card provider jointly responsible if something goes wrong with the purchase, giving consumers another route to reclaim their money.
Other suggestions in the Wallet Workout include: reviewing the cost of an overdraft; making sure you are taking advantage of any discount cards you are entitled to; and looking for loyalty schemes that offer free perks.
You can read Martin’s full Wallet Workout and detailed guidance on each recommendation on the MoneySavingExpert website.
