Money experts say a regular review of bank statements is vital to keeping costs down

With cost of living pressures about to be ramped up further for millions of households, people are being encouraged to check their bank statements.

This is because most people might find regular payments going out of their accounts for things they no longer use or need.

It’s easy to forget about certain subscriptions but they could continue draining your bank account long after you’ve finished using them or grown tired of them.

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Regular checks of bank statements are important to ensure you know what is leaving your account every month.

Streaming services are one way people can spend more money than they need to.

You might sign up for the latest hit show, but never continue using the service when you’ve finished watching it.

Or perhaps you might think you’ll come back to it in future when in reality you rarely do.

A spending assessment is a good way to ditch some of these services.

For example, if you’re signed up to Netflix, Amazon Prime and Disney+ you may want to question whether you actually need all of them or could make do with one.

Standard annual subscriptions cost with £156 with Netflix, £95 with Amazon Prime and £90 with Disney+.

If you were to ditch Amazon Prime and Disney+, this would deliver an annual saving of £185 – cash that could be put towards rising bills instead.

It’s not just TV either, people may have gym subscriptions gathering dust or apps they pay for put rarely use.

Fiona Peake, consumer money expert at Ocean Finance, said: “t’s easy to forget to cancel a subscription.

“Whether it’s streaming services, unused gym memberships, or app subscriptions, reviewing your direct debits could free up extra cash.

“If you’re unsure whether to cancel, pause it for a month first – if you don’t miss it, you don’t need it!”