Paul Daniels is no stranger to card tricks as he made his name as a magician and achieved national fame through his television series The Paul Daniels Magic Show, which ran from 1979 to 1994.

He may be a wiz with playing cards but how good are he and his wife Debbie McGee with their credit and debit cards, and their other financial products? And can they handle the pressure of Martin’s money-makeover as the first celebrity guinea pigs on It Pays To Watch!?

Well, the celebrity couple are no strangers to the studio and performed as majestically as ever in front of the camera. However, Martin gave them a real grilling when it came to the management of their money.

He found they waste a mammoth £700 a year in total. Tut, tut. In particular, Paul and Debbie are throwing away £500 a year by staying loyal to their gas and energy supplier when they may be able to get a better deal elsewhere. Oh dear.

They are wasting another £200 a year for failing to save in a tax-free cash Isa and for not holding a cash-back credit card. Another £300 is disappearing a year as they pay £10 a month to their current account provider and don’t get enough interest on their in-credit balance.

Paul and Debbie at least gain £300 by budgeting well and putting away the income tax and VAT they have to pay, as soon as it drops into their account.

Keep tuned to It Pays to Watch every Wednesday at 7.30pm on five to see how Paul and Debbie compare to other celebrities in the Wallet Challenge.