Martin Lewis, the founder of MoneySavingExpert, has urged consumers to spend just five minutes checking their wallets to uncover potential savings worth hundreds of pounds. In the latest edition of the MSE newsletter, he shared a 17-point 'Wallet Workout' checklist designed to help people find forgotten savings, avoid unnecessary costs, and ensure they are not missing out on financial perks.
Among the top tips, Lewis highlighted that those who have stuck with the same current account for years could be missing out on switching incentives. Several banks are currently offering cash payments of up to £220 to eligible new customers. He also warned drivers to check the expiry date on their photocard driving licence, noting that millions are thought to hold expired licences, which could lead to fines if caught driving.
For credit card users, the consumer champion recommended considering a 0% balance transfer card for anyone paying interest on existing debt. This could allow borrowers to clear their balances faster by avoiding interest charges. He also mentioned cashback credit cards, but stressed they should only be used if the balance is paid off in full each month, otherwise interest charges could outweigh the rewards.
Travellers are advised to ensure their Global Health Insurance Card (GHIC) or European Health Insurance Card (EHIC) is still valid before heading abroad, as millions have expired. Lewis also reminded shoppers about Section 75 of the Consumer Credit Act, which offers protection on purchases between £100.01 and £30,000 when paid for even partly on a credit card.
The full 'Wallet Workout' checklist, including detailed guidance on each recommendation, is available on the MoneySavingExpert website.
