From cutting your bills, to making some extra cash, we round up ten tips to help make you financially fitter in 2024
We’re all continuing to feel the squeeze from the cost of living crisis – but there are some important steps you can take to help keep more money in your pocket in 2024.
From cutting your bills, to making some extra cash, we round up ten tips to help make you financially fitter. We also explain how to get help if you’re in debt or struggling.
There are ways to lower your tax bill as well, plus a reminder to maximise your savings and tricks to get money back on everyday spends.
1. Go through your bank statements
You should aim to check your bank statement at least once a month – ideally more – so you’re fully aware of exactly how much money you have coming in, and going out. Keeping a close eye on your finances also means you’re more likely to spot any unexpected payments.
A survey by YouGov found 29% of adults check their bank daily, but 9% of people check it hardly at all. Make sure you make a note of all your regular bills and direct debits, so you can then see if you’re able to cut your costs.
2. Cut your bills
Now you’ve noted down all your regular bills, check if you can get better deals elsewhere. Compare the price of your broadband and mobile deals, especially if you’re out of contract.
If you’ve got insurance policies, make a note of when these are up for renewal so you can compare prices for these as well. You may even be able to cut your council tax bill, depending on your circumstances – for example, if you live alone, you claim benefits or you’re a carer.
3. Cancel any unnecessary subscriptions
Are there any subscription services you can do without? Go through your bank statement with a fine-tooth comb and be ruthless about which subscriptions you actually use.
A survey from C+R Research found 42% of consumers forgot they are still paying for a subscription they no longer use. Or are you really getting as much use out of your gym membership as you should be?
4. Make extra money
Now you’ve got a better handle of the money you already have coming in, is there any way you could earn a bit of extra cash? The start of a New Year could be a good time to have a clear out and sell any unwanted belongings.
You could also make extra money from online surveys, becoming a mystery shopper or even starting a side hustle. Many banks also pay you to switch to them – the top-paying right now is First Direct, where you could get £175.
Just keep in mind, if you earn more than £1,000 in additional money outside your regular job, then you’ll need to report this to HMRC for tax purposes.
5. Use cashback websites
Cashback websites give you a percentage of your total spend back when you make a qualifying purchase. To do this, you first log into the cashback website and then search for the brand you want to shop with.
You then need to click through to the retailer via the cashback website link, then complete your purchase as normal. Some of the most popular cashback websites, which are free to sign up to, are TopCashback and Quidco.
6. Maximise your savings
Savings rates have hugely improved over the past year, but many people are still getting pitiful returns on their hard-earned cash. The best easy-access rate at the time of writing is 5.22% from Metro Bank, and the best-paying fixed rate accounts are from Ikano Bank and Investec, which both pay 5.3% fixed for one year.
Regular saving accounts pay even more than this – but you’re normally limited to how much money you can save each month. Nationwide has launched a linked saver which pays 8% fixed for one year – but you can only deposit up to £200 each month.
7. Cut your tax bill
There are several ways to lower your cut bill. You could be eligible to claim money back if you’re on the wrong tax code, if you haven’t applied for the marriage tax allowance, or if you’ve had a PPI payout.
With these examples, you could reclaim back up to four additional tax years.
8. Look for forgotten cash
Brits across the UK are sitting on an estimated £50billion in forgotten or lost bank accounts, investments and pensions. But there are ways to track down money that is rightfully yours.
If you cannot remember the details of an old account, or your bank or building society cannot find it, you can use a service called My Lost Account. There is a free Gov.uk Pension Tracing Service that will help you track down the contact details of any pension schemes you’ve been signed up to.
9. Check your loyalty schemes
Chances are, you’re probably signed up to lots of different loyalty schemes – but do you know how much money you have saved up in each one? Go through your wallet and smartphone and check those loyalty accounts now.
Money champion Lynn Beattie, aka Mrs Mummypenny, previously told The Mirror how she found £380 in forgotten loyalty points. I also found £100 sitting in loyalty accounts.
10. Get help if you’re in debt
If you’re in debt and struggling, don’t suffer in silence. Talk to one of the following organisations for free:
