Resolve to pay less in the coming year

The new year can be the perfect time to give your finances the once-over, says Adam Aiken

The list of things you can do to cut your expenditure is long, but here are three simple things that could take you less than an hour but save you a small fortune.

Energy prices
Some gas and electricity providers put up the cost of domestic fuel in the run-up to Christmas, and these companies’ customers will be seeing the effects of the higher bills round about now. But while we’re quick to criticise the providers, we are less good at doing anything about it.
Since the deregulation of the domestic energy market, fewer than half of all households have switched suppliers. That means most people are still with so-called “incumbent” providers, paying on average more than £250 a year too much for their home energy.
It’s easy to make the change. Either visit a site such as www.moneyfacts.co.uk (select the “utilities” tab) or call a company such as Uswitch on 0800 404 7908.

Credit card balances
January is when many of us are hit with huge credit card bills.
While it is a good rule of thumb never to put more on your plastic than you can afford to pay off the following month, it’s not always possible to stick to that discipline – particularly just after the expensive Christmas season.
So if you’ve recently overspent – or if you’ve already got a large balance on your credit card – you could consider transferring the outstanding amount to one of the various cards that offer interest-free balance transfers. Most of these will charge a fee for carrying out a transfer, but it could still save you money. For the best deals, visit www.mymoney24.co.uk and click on the orange best-buys box.

Home communications
Most home communications providers now offer the complete range of services. If you have any combination of landline, broadband and digital television, it will almost certainly be cheaper to take a “bundled” service from a single provider than to use different companies.You might find that an existing provider has tied you down with a minimum contract. If that’s the case, don’t worry – simply make a note in your calendar and make the switch when your existing deal runs out. A good place to look is at www.consumerchoices.co.uk

These are just some of the easy ways you can make quick and easy savings. And if you think, “it sounds good but I just can’t be bothered”, ask yourself: “Would I really turn down several hundred pounds for just an hour’s work?”

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