Cutting costs needn't be difficult or complicated, and you could save more than £1,000 in 2012 just by making a few simple changes.
Kevin Mountford, head of banking at MoneySupermarket.com, said: "Despite the current economic climate, many Brits still make the mistake of sitting on average products which provide a low return or cost far more than they need to.
"Significant savings can be made by switching to a better deal and you may find it could be the best resolution you have ever made.
"These savings don't even require a change of lifestyle, but simply a few minutes of research to check what deal you are currently being offered, comparing it to other products and changing it to a more competitive deal if necessary.
"With the nation's purse strings tightening, the opportunity to put some money back in your wallet must be welcomed."
Read on to see how you could end up with an extra £1,000 in your pocket this year...
Save nearly £500 on home and motor insurance
Never just accept the renewal quotes offered to you by your home and motor insurance companies, as you may be able to make substantial savings by switching to a new provider.
Research by Consumer Intelligence found that people who shop around using MoneySupermarket's insurance channel save an average of £371.53 on their car insurance, and £127.35 on their home insurance - resulting in a combined saving of almost £500.
You can also save on your insurance costs by increasing your excess - the proportion of any insurance claim you must pay yourself - but make sure that it remains affordable.
Click here to start searching for cheaper insurance.
Cut credit card cost by nearly £300
You could save nearly £300 just by switching existing credit card debts to a card offering a lengthy 0% introductory period on balance transfers.
For example, someone with the average credit card balance of £2,069 paying the average representative credit card annual percentage rate (APR) of 18.40% would save themselves £272.35 in interest payments if they moved it to the Barclaycard Platinum credit card with extended balance transfer which offers 22 months at 0%.This card has a balance transfer fee of 2.90%.
Barclaycard also offers an even longer 24-month Platinum with Longest Balance Transfer card, although this deal has a higher 3.2% transfer fee. After the 0% introductory periods end, both Barclaycards have a representative APR of 17.9%.
Click here to compare a range of credit cards. You can also use our SmartSearch tool to compare credit cards - and this won't leave an imprint on your credit file.
Slash £200 off loan payments
There may have been little financial news to celebrate recently, but competition between personal loan providers has resulted in some of the lowest rates seen for years, so there's no excuse to pay over the odds.
For example, the average current loan rate on the typical £7,663 most of us have in personal loans is 11.76%, but if you were to move to a cheaper rate of 6.40%, available from Nationwide Building Society, you could save yourself £220 in interest over a five-year loan term.
You can compare a range of secured and unsecured loans here.
Reduce energy bills by more than £350
If you haven't reviewed your energy tariff recently, compare the deals offered by your own and other suppliers to see if you might be able to make savings by moving to a different deal.
The average standard energy tariff will set you back £1,286.58 a year, but moving to the cheapest tariff currently available, First Utility's iSave v9 tariff, costing £1,030.03 a year, you could slash your bills by a massive £361.18.
Online energy tariffs are usually the cheapest, but if you are concerned about further prices, then you may want to consider locking into a fixed rate tariff for peace of mind.
You can make sure you're on the best energy tariff by using our comparison tool.
Save more than £30 on travel insurance costs
If you are heading off abroad on your holidays this year, don't just plump for the first insurance policy you're offered, as you might be able to make big savings by shopping around for cover.
The average premium for a couple both aged 30 heading to the USA for a fortnight would cost £52.62, but the cheapest policy would cost just £19.08 with Travel Insurance Web, saving them £33.54.
When buying cover, however, always remember to check cover limits carefully as you don't want to leave yourself under-insured.
Click to search for cheep travel insurance and compare quotes from UK providers.
Save more than £125 on your home phone, broadband and internet
You should regularly review your home phone, broadband and internet tariffs to ensure that you aren't paying more than necessary.
While bundling your services together often results in savings, this isn't always the case.
For example, MoneySupermarket.com research shows that a family currently paying for the cheapest internet and TV package from Sky, plus home phone line rental, could save a massive £125.40 a year by switching their line rental and phone to BT, their broadband to the Post Office and their TV to Virgin.
Click here to visit the MoneySupermarket broadband channel and serch providers for a better deal.
Please note: Any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct
We're free, independent and compare all UK credit cards, as well as offering exclusive deals you can't get anywhere else.
Contact MoneySupermarket.com at Moneysupermarket House, St David's Park, Ewloe, Flintshire, CH5 3UZ. © Moneysupermarket.com Ltd 2011.
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