A recent report from banking giant Santander concluded that millions of UK adults are missing out on better deals because they fail to switch providers.
It found a quarter of people haven't switched any of their insurance products in the last 12 months, while four in five haven't changed energy providers.
Even more shockingly, 34million people - that's seven in 10 - haven't switched their main current account in the last decade.
If you're guilty of letting your finances drift, maybe you haven't realised just how much you could cut from your bills.
Here's a rundown of some of the savings you could make by taking a bit of time to switch...
If you have an existing balance on a credit card then moving to a new card offering 0% interest can save you hundreds of pounds in interest a year.
Unfortunately, using that kind of card to spend with can be a mistake, as your repayments will be set against the cheapest debt first, meaning you'd have to clear your transferred balance before you could pay off the purchase debt. And, of course, you'd be paying interest on that.
However, the new Virgin Credit Card Exclusive, currently only available through moneysupermarket.com, offers a full 12 months interest-free on both balance transfers and purchases, meaning you won't get caught out that way. After that, its standard rate is 18.9% for purchases and 21.9% for balance transfers.
The average credit card balance is £1,989 a year, according to the UK Cards Association, although that excludes those people who repay their balance in full each month. The average credit card interest rate is currently 18.52%.
That means that by moving to the Virgin Credit Card, the average cardholder could save £262 a year - and that's just on their transferred balance.
Most of us are on our providers' standard tariffs, paying far more than we need to for gas and electricity.
Just now, the average standard tariff has an annual bill of £1,181.31 - whereas the average cost of providers' best online deals is £908.19. That means you could save £273.12 a year, just by moving online. By comparing the market and finding the cheapest deal, our customers save an average of £325.
In fact, if you're on a particularly expensive standard tariff, like Scottish Power's £1,289.54 average bill, you could save even more by moving to a cheaper offer. For example, the average bill for British Gas' WebSaver 6 tariff is £899.04 less - meaning you'd save £390.50 a year.
Of course, the cheapest provider for you depends on your location and usage, so compare gas and electricity providers on our site to find the cheapest deal for you.
The easiest way to make money on your current account just now is with first direct's 1st Account. It pays a £100 switching incentive when you move to it, and offers a £250 interest-free overdraft as standard.
However, you do need to pay in or maintain a balance of £1,500 every month, otherwise you could be hit with a £10 monthly charge, and it doesn't pay interest on balances in credit.
If you tend to have a balance on your current account, then Santander's Preferred In-Credit Current Account could be for you. It pays 5.00% on balances up to £2,500 - far higher than any easy access savings account - as long as you credit the account with at least £1,000 each month.
Alliance & Leicester's Premier Direct Current Account also pays 5.00% on balances up to £2,500, plus you gain access to the Premier Regular Saver account, which pays 6.00% fixed for the first 12 months.
So, if you could maintain that balance, you'd earn £125 in a year. You'd want to move any additional funds into a savings account, as the rate paid above £2,500 plummets to 0.10% annual equivalent rate (AER). You'd also want to consider moving after 12 months, when the rate paid falls to 1.00% AER.
Perhaps you're more likely to spend your income each month - you don't go overdrawn, but you also don't leave much of a balance. The Halifax Reward Account credits £5 to your balance each month, as long as you pay in at least £1,000.
Over a year, that's £60 - money for simply using your current account. Bear in mind, this isn't a good account if you tend to spend half the month in an overdraft; it charges £1 a day for an arranged overdraft of up to £2,500.
Overdraft
If you are often overdrawn, you won't be able to make money on your current account, but you could really bring down what you pay.
The right account for you depends on how many days you spend overdrawn (see our article 'Could you pay less for your overdraft?') but some people could save hundreds. For example, the Alliance & Leicester (A&L) Premier Direct Current Account is free for the first year. You then pay 50p a day to use an authorised overdraft, but this is capped at £5 a month.
Whereas the Halifax Reward account could charge you up to £30 a month, if you stay stuck in the red. Over a year, that would be £300 more! The Premier Direct Current Account on the other hand gives you an interest-free overdraft for the first 12 months.
An amazing 69% of people haven't reviewed their internet, phone and TV subscriptions over the last year, moneysupermarket.com analysis has shown.
Yet bundling your products together - taking them out with the same provider - could save you £170 a year in reduced costs.
On top of that, you'll only have to deal with one provider, which will make it simpler to switch in the future.
When it comes to insurance, it isn't just about saving as much money as possible, it's about finding the right cover at the best price. There's no point halving your premiums if you're left without the cover you actually need.
However, there are some great savings to be made by comparing motor insurers to make sure you're with the most competitive insurer possible while still buying all the cover you need. On average, visitors to our site save £218.18 on the cost of their annual premium.
As with car insurance, the most important thing is to check you have sufficient cover for your situation.
It's important to work out exactly how much protection you need - for example, how much are your possessions really worth? Do you need cover outside of the home? Do you have any particularly expensive pieces of jewellery?
Once you know what cover you need, then you can compare home insurers to find the best deal for you, saving yourself an average of £234.63 a year.
Total savings = £1,310
Simple savings
Here at moneysupermarket.com, we regularly carry out financial makeovers on volunteers and switch their various products and services to save them real money.
Just in the last few months, we've saved Keith and Brenda Harper almost £1,500, Esme Smith a staggering £4,800 and Dee Buckingham £1,400, simply by moving them to the cheapest and best deals.
Those kinds of savings could pay for a holiday or pay off some of your mortgage, but even if you just save a few hundred on your car insurance, the money is better off in your pocket than in your provider's.
Would you like the opportunity to see if our researchers can make you any savings and feature on the site as a makeover? If so, then email makeover@moneysupermarket.com
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.
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