How to save £2,014 in 2014

Follow these tips and you'll soon be counting the cash you've saved in 2014!

A New Year means resolutions for many of us. How about you resolve to save some serious money in 2014? Start by having a read of these tips, which we reckon could save the average person at least £2,014. You might be able to save even more...

Shift your credit card debt

With the average credit card interest rate at 17.5%, according to The Money Charity, if you have a big chunk of that debt on your credit card it can be seriously painful.

Research from Aviva found the average credit card debt is now £2,006. If you transferred that amount of debt onto the top balance transfer credit card from Barclaycard, the 29-month Platinum Visa, which offers 0% on transfers for over two and a half years, you'd only need to pay £69.17 a month to wipe out the debt for good. You would have to pay a balance transfer fee of 2.79% of the debt you're shifting, which would cost you £55.97. However, it would save you £501 of interest compared to paying it off at 17.5% interest.

Total money saved: £501

Compare credit cards

Remortgage

Sitting on your lender’s standard variable rate (SVR) has been a smart move for many borrowers in recent years, with the SVR smaller than many of the top mortgage rates. However many fixed rate mortgage rates are now cheaper

In fact, mortgage broker John Charcol reckons many people on SVRs could save by switching to a fixed deal. In fact, a borrower with a £200,000 mortgage on a 4% SVR could save £625 a year by switching to a 3% deal.

You can compare the best mortgages for your own situation by making use of the lovemoney.com mortgage tool.

Total money saved: £1,126

Switch your energy tariff

Energy costs have been high up the news agenda in recent months, with the majority of providers announcing price hikes.

The best way to combat this is to regularly shop around for a new deal, to ensure you are paying as little as possible.

Users of the lovemoney.com energy switching tool save an average of between £160 and £200 as a result of switching.

Total money saved: £1,326

Shop around for your cover

Which? says shopping around for car insurance can save you up to 18%, which with the average cost of comprehensive cover now at £568.32 is worth up to £102.

Meanwhile, the Association of British Insurers says that the average home insurance policy costs £310, but the average shoparound policy can cut that to £240 – a saving of £70.

And Sainsbury's Bank estimates that shopping around for a joint life insurance and critical illness policy can save £200 a year.

Total money saved: £1,698

See if you can save on your car, home and life insurance

Get a water meter

Having an accurate reading of how much water you're using via a water meter could save you around £100 a year.

Total money saved: £1,798

Broadband

Broadband comparison site broadbandchoices.co.uk estimates that over a third (39%) of people have not switched broadband provider in four years, potentially missing out on an average saving of £70.

Total money saved: £1,868

Compare broadband prices with broadbandchoices.co.uk

Be a smarter driver

Whatever you drive, money-saving tips such as shopping around for fuel using Petrolprices.com, minimising the weight your vehicle's carrying, driving smoothly and performing basic maintenance such as checking tyre pressure and oil levels should shave at least £146 off what you otherwise would have spent.

Total money saved: £2,014

There you have it: £2,014 saved in 2014. And that’s before we even look at cutting the cost of your food shopping, your gardening, going out, even the cost of getting your hair cut!

How are you planning to save in 2014? Let us know in the Comments box below.

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