Tip 1: Cut the cost of your debt
Move existing credit or store card debts onto a 0% balance transfer card
Tip 2: Pay more than the minimum
Pay as much as you can afford off your credit card each month. If you only make the minimum repayment it could take you years to clear your debt and you may end up paying more in interest than the value of the original purchases.
Tip 3: Don’t accept your renewal quote
When your car or home insurance is up for renewal don’t just go with the quote from your existing insurer. Always compare prices. Motorists save an average of £400 by using MoneySupermarket, while home insurance customers knock an average of £125 off their premium.
Tip 4: Get a better deal for your energy
Gas and electricity prices have been rising yet millions of households are paying hundreds of pounds a year more than they need because they’ve never changed their energy tariff. Switch now and start saving.
Tip 5: Save a little each month
If you don’t have much in savings get into the habit of putting money away each month to build up a slush fund in case of emergencies.
Tips 6: Use your ISA allowance
With savings rates so low it’s more important than ever to take advantage of your ISA allowance. You can put up to £5,640 in a cash ISA before April 5 and interest is tax free.
Tip 7: Clear out your bank account
Go through your list of Direct Debits and Standing Orders and see if there’s anything you are paying for that you no longer use.
Tip 8: Look for a better bank account
Get a better interest rate or lower overdraft fees by switching. It’s simple and some banks will even pay you for your new custom.
Tip 9: Start paying into a pension
If you haven’t yet started paying into a pension, make 2013 the time to do it, the sooner you start the more money you’ll have for your retirement.
Tip 10: Check your mortgage
Mortgage rates have been falling during 2012, so if your own deal is coming to an end, don’t just revert back onto your lender’s standard variable rate, see what deals are available.