What are YOUR New Year money resolutions?

New Year is here, so why not resolve to pile on a few pounds - financially that is - by sorting out your money matters?

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Upgrading savings accounts, shopping round for insurance, switching your energy tariff and cutting down on food waste could all help boost your bank balance in 2015.

Dan Plant, consumer expert at MoneySuperMarket, said: "No matter what your main financial concern is, it’s vital you put your outgoings so you are on the right track for the New Year.

“There are still savings to be made for the average household, as many Brits are languishing on products which provide a low return or cost far more than they need to.”

Here are 11 resolutions that could help you save as much as a staggering £5,480 in 2015…

1 - Boost your SAVINGS interest: earn £99

If you’ve stuck with the same savings account year after year, the chances are you could be missing out on much higher rates of interest elsewhere.

  • According to number crunchers at MoneySuperMarket, switching from an easy access account paying the average rate of 0.41% to the AA’s Internet Extra account, which pays an annual equivalent rate (AER) of 1.40%, could earn you an extra £99 in interest over the year, based on a savings balance of £10,000.

2 - Change your CURRENT ACCOUNT – earn £150

Several current accounts now pay much better returns than savings accounts.

  • If you’ve got a £1,500 balance in a current account paying an average rate of 0.51%, you’ll earn just £9.75 over the year. Switch to the Halifax Reward Account, and you’ll get £100 just for moving to the account, plus a £5 monthly credit – that’s £160 over the year. 

3 - Cut food WASTE: save £700

According to the ‘Love Food Hate Waste’ campaign, in the UK we chuck out 7 million TONNES of food and drink every year.

  • Food waste costs the average household £470 a year, rising to £700 for a family with children - the equivalent of around £60 a month. So write a menu plan each week. That way you’ll know exactly what you’re going to have for each meal so there won’t be any waste.

4 - Slash CREDIT CARD bills: save £249

There’s no need to suffer high rates of interest on your credit card debts.

  • Switch £2,000 worth of debt on a card with an average 17.76% annual percentage rate (APR) to the market-leading Barclaycard Platinum credit card and there would be no interest to pay for 35 months. This could save you over £250 a year, taking into account the balance transfer fee.

5 - Review your MORTGAGE – save £2,168

Your mortgage is probably your biggest monthly outgoing. If you’re paying your lender’s standard variable rate (SVR), you should be able to switch to a cheaper deal.

  • Switching a £150,000 mortgage from the average SVR of 4.53% to the current market leading two-year fixed rate from Chelsea BS at 1.38% would save you a whopping £2,168 annually over the term of the deal.

6 - Cut DELIVERY costs – save £252

If you do most of your shopping online, check whether paying an annual delivery fee rather than separate charges each time could save you cash.

  • As an example, Tesco claims that if you had one delivery a week, you’d save £252 a year if you sign up for its annual ‘Anytime’ delivery scheme costing £60, compared to if you paid the maximum £6 delivery charge each time.

7 - Consolidate personal LOANS – save £100

Don’t pay over the odds for your personal loan.

  • Switching a £5,000 five-year personal loan at the average rate of 8.70% to the Hitachi Personal Finance loan at 5.3% would leave you £100 a year better off.

8 - Chop ENERGY usage – save £80

Reducing the amount of energy you waste could slash your gas and electricity bills.

  • Energy Saving Trust says a typical household can save up to £80 a year just by remembering to turn off electrical appliances left on standby.

9 - Shop around for INSURANCE – save £307

Never accept the renewal quote from your home or motor insurer without checking to see if you can find a better deal elsewhere.

10 - Get fit and slash TRAVEL bills – save £1,175

Switch four wheels for two this year and cut your commuting costs. Check if your employer is part of the Cyclescheme initiative – you could get a bike at a reduced cost.

  • Spend £600 on a bike and you could save about £192 under the scheme. You could then save up to £1,175 on your travel costs. Find out how much you could save.

11 - Switch energy tariffs – save £199

Don’t burn a hole in your pocket by sticking with your provider’s standard energy tariff.

  • Compare energy tariffs and switch to a better deal. The top 10 cheapest deals are now all under £1,000 a year. Up to 51% of customers can save at least £199.52 by switching, according to MoneySuperMarket data.

TOTAL SAVINGS: £5,480!

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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