Small Steps: Review Your Direct Debits
It’s easy to forget how many little transactions are quietly leaving your account every month. Gym memberships you never use, streaming services you forgot you subscribed to, cloud storage renewals you don’t really need – it all adds up. This month’s Small Steps challenge is simple: review your direct debits and automatic payments.
Where did that money go?
If you’ve ever looked at your bank statement and thought “Wait, what’s this $12 charge for?”, you’re not alone. Many of us sign up for subscriptions and services with the best intentions, but life gets busy. You may have even cancelled a service, only to discover it never stopped deducting from your account.
A regular review of your outgoing payments helps you spot charges like these and take action. It’s about putting a stop to “set and forget” spending.
How to do a direct debit audit
Set aside 20–30 minutes and log in to your internet banking. Go through the last one or two months of transactions and list anything that’s automatically deducted – this could be called a direct debit, automatic payment, or scheduled payment depending on your bank.
Keep an eye out for:
Streaming services (Netflix, Spotify, Disney+, etc.)
Fitness and health memberships
Cloud storage or software subscriptions (Dropbox, Adobe, Microsoft)
App subscriptions you signed up to via your phone
Charity donations you may have forgotten about
Forgotten Buy Now Pay Later repayments
Duplicated insurance or financial products
You don’t have to cancel everything – the goal is to be intentional. If you’re not using it or don’t feel it’s worth the cost, it might be time to unsubscribe.
How much could you save?
It may not seem like much at first – $15 here, $25 there – but small charges add up. Cutting just $60 a month in unused direct debits gives you $720 per year back in your pocket. That’s money you could put toward an extra mortgage repayment, credit card debt, or savings.
Take control of your money
If you’re trying to get ahead financially, knowing where your money is going is key. Doing a direct debit review once or twice a year gives you more control over your outgoings and makes room in your budget for the things that really matter.
This isn’t about cutting every expense – it’s about removing the waste, so your money is working for you, not slipping away unnoticed.
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