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Review contracts with your service providers

This is worth doing once a year. Look over the annual costs of your energy suppliers, landline and mobile phone providers. Often a deal that includes phone, internet and cable TV could be the cheapest and could save you a lot over the course of the year. When your insurance is up for renewal check to see if you can get a better deal if you insure your car, home and pets with the same provider.

Pay your credit card bill in full every month

Most credit and store cards charge at least 15% in annual interest if you do not pay off your cards in full every month. This is an expensive way of getting credit, and if you are unable to pay every month you could consider a loan to consolidate these debts at a lower rate. If you are transferring your balance then read the fine print about what happens after the introductory 0% balance period expires.

Clear your mortgage as soon as possible

If you have a mortgage, the repayments are probably your single biggest expense. First, shop around with other lenders to see if you can get a better rate - with a few calls you may be able to save thousands of pounds in the long run. Once you are satisfied that you are getting the best possible terms, you should consider using the newly-available funds to overpay the monthly amount: overpaying by £100 a month can shave years off your mortgage!