Fortunately, there are plenty of things you can do to ensure you enjoy a wealthier New Year and most of them needn't take more than a few minutes.You could save more than £3,000 just by taking control of your finances - we explain how...
Cut insurance costs
Tempting as it may be to let your home and motor insurance automatically renew every year, you could end up paying way over the odds for your cover.
Use MoneySupermarket's insurance channel to track down the cheapest deals and you should be able to make substantial savings.
Latest research reveals that people who shop around using the channel save an average of £371.53 on their car insurance, and £127.35 on their home insurance. When you find a cheaper deal, try to pay for the annual premium upfront, as this will be less expensive than paying monthly.
Review your mortgage
Your mortgage is likely to be your biggest monthly outgoing, so make sure you aren't paying more than you need to.
Switching a typical £150,000 mortgage from the average standard variable rate of 4.83 per cent to the current market-leading tracker from First Direct at 2.08 per cent, for example, would save you a whopping £1,208 annually
Pay into your pension
Thinking about pensions may seem boring, but there's nothing more boring than spending your retirement in poverty.
For every £80 a basic-rate taxpayer puts into their pension, the Government will top it up by £20, so that the total contribution to your pension is £100.
This is because you get basic rate tax relief on pensions at 20%. Higher rate earners do even better because they can get up to 40% tax relief, so £100 paid into a pension will only cost £60.
If you pay tax at the higher rate, you can claim the difference through your tax return or by telephoning or writing to HMRC. The maximum amount that savers can put into pensions this year and claim tax relief is £50,000.
If you have access to a company scheme into which your employer makes contributions, you should join it as soon as possible. If you are self-employed or without access to a company scheme, consider setting up a low cost stakeholder plan and seek independent financial advice if in any doubt.
Credit cards
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%, followed by a representative APR of 17.5%. This card has a balance transfer fee of 2.90%.
Get more from your current account
Millions of us are guilty of sticking with the same current account provider year after year, even if we aren't particularly happy with the service we receive. Make 2012 the year you switch to a better deal. There are plenty of competitive accounts to choose from. For example, as part of its January sale, HSBC is offering a massive 6% in-credit interest on its current account on balances up to £2,500 to anyone switching their account over.
You should also clear out any unnecessary direct debits and standing orders. For example, are you paying for clubs or gyms that you no longer attend, or do you have magazine subscriptions that you don't want anymore?
Loans
Don't pay more than you need to on loans. 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.
Energy
Energy bills have soared recently, with all six of the major suppliers announcing price hikes. However, it is still possible to make savings on your fuel costs by regularly reviewing your tariff.
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.
Travel insurance
If you are heading off abroad, don't just opt for the first insurance policy you come across, as savings from shopping around can be substantial.
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.
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 loans and 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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