That's why making sorting out your finances one of this year's resolutions is so important. From giving your savings a kick-start to making sure you don't pay over the odds on your debts, sorting out your money matters can result in substantial savings. Here, we look at some of the financial resolutions we should all consider making...
Play your cards right
A borrower with the average credit card balance of £2,069 could save a massive £272.35 a year just by switching to a market-leading balance transfer deal. This annual saving is based on a cardholder paying a typical representative annual percentage rate (APR) of 18.40% on a debt of £2,069 switching to the Barclaycard Platinum card with Extended Balance Transfer offering 22 months at 0%, subject to a balance transfer fee of 2.90%.
However, as it is calculated over 12 months, someone taking advantage of the full 22 months of interest-free credit on offer could in fact save even more. Barclaycard is also now offering 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 from a range of UK credit cards.
You can also use our Smart Search tool to compare credit cards - and this won't leave an imprint on your credit file.
Find a cheaper loan
The average amount borrowed by Britons who take out personal loans is £7,663, while the typical term chosen to repay the debt is five years. But not all those borrowing this much over five years bother to scour the market for the best deals.
This could prove a costly mistake, though, as they could save £220 over the five-year term by opting for the cheapest loan on the market - currently the Nationwide Building Society loan with a representative APR of 6.40% - rather than a mid-market loan charging a typical APR of 11.76%.
If this doesn't suit you or you're worried you might not be accepted then you can compare a range of secured and unsecured loans here.
Switch your energy deal
Energy prices have soared over the past year or so, prompting many people to seek out the cheapest possible tariffs. However, there are still thousands, of not millions, of Britons paying over the odds for their gas and electricity.
MoneySupermarket.com research shows that someone on the average standard plan is currently paying £1,286.58 a year. But by switching to the cheapest available tariff - First Utility iSave v9 - a typical household could slash that to just £1,030.03 a year.
You can make sure you're on the best energy tariff by using our comparison tool. It'll highlight the cheapest option for you, based on where you live and your consumption. You can then click through and apply online.
Seek out the best value travel cover
If you are heading overseas this year, it is vital to take out travel insurance that covers you against issues such as having to cancel your trip due to illness and your baggage being lost or damaged in transit.
You do not have to pay the earth for travel cover, though. While the average single trip policy for a couple of 30 year olds travelling to America for two weeks can cost as much as £52.62, Travel Insurance Web offers the same cover for just £19.08.
If you are planning more than one trip abroad over the next 12 months, annual insurance may also prove cheaper than two or more single trip policies. Remember, though, that if one of them is a ski holiday, for example, you will need to add winter sports cover to your policy, while European insurance will not protect you on a holiday to destinations further afield.
Click to search for cheap travel insurance and compare quotes from UK providers.
Drive down car insurance costs
Many drivers mistakenly think that insurers reward loyalty, and do not bother to search for a better deal when their policies come up for renewal. However, the truth is that many insurance companies actually offer cheaper premiums to new customers, while they will also take the no claims discount you have built up with your existing insurer into account when pricing your policy.
Data from independent research company Consumer Intelligence indicates that the average motorist can save an incredible £371.53 a year by shopping around for cheaper cover through MoneySupermarket. And that makes taking the time to check out the competition a no brainer for all road users.
Click here to start searching for cheaper car insurance, with prices from over 100 companies.
Move your home insurance and save £127.35
Home insurance premiums have increased over the last year or so, but that does not mean that there are no great deals out there. You just have to look a bit harder for them.
Figures from Consumer Intelligence data reveal that the average Briton can save £127.35 by searching the market for the best value home cover.
For even greater savings, why not look into improving your home security and consider agreeing to pay a higher excess - the amount you pay towards any claims.
Click here to visit the home insurance channel, and compare home insurance quotes from a range of companies.
Get the best deal on your home phone, internet and TV and save £125.40
The vast majority of homes now need broadband internet access as well as a phone line and satellite TV channels. You do not need to get all the services from the same company, though. MoneySupermarket research shows that a family currently paying for the cheapest internet and TV package from Sky, plus home phone line rental, could save £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 search 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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