We highlight some simple ways to cutback in the New Year and make some serious savings.
It’s a New Year and that usually means a long list of resolutions to stick to.
A good one we could all benefit from is to be better with money in 2016.
So here's a roundup of some tips we reckon could save the average person at least £2,016 this year.
Who knows, you might be able to save even more...
Shift your credit card debt
Do you have outstanding debt on a credit card? If so you're probably paying more than you have to in interest.
Credit card interest rates are typically around the 17.5% mark, which means those with a large outstanding balance will be paying through the nose.
But you could save by using a 0% balance transfer credit card.
According to The Money Charity, the average credit card debt per household stands at a huge £2,324.
If you shifted that debt onto the Barclaycard 37-Month Platinum Balance Transfer Credit Card, which offers a market-leading 37 months free of interest on your debts, you'd only need to pay £62.81 a month in order to clear that balance. The only catch is you'd also need to pay a balance transfer fee of 2.54%, which comes to £59.03
If you paid off the debt on a card charging 17.5% interest over the same period, you'd need to spend £81 a month. In total you'd shell out £638 in interest, so moving the debt to the Barclaycard would save you £578.97
Total money saved: £578.97
Look at remortgaging
If you have a mortgage you should see if you could save by remortgaging.
Interest rates on fixed and variable rate deals are at record lows so making the move could save you hundreds, particularly if you are sitting on your lender's standard variable rate (SVR). This is the rate you move onto when your initial fixed or tracker rate comes to an end.
[SPOTLIGHT]Let's say your current SVR is 4%, with £90,000 of mortgage debt and a 20-year term. Your repayments will be around £545 a month.
However, if you move to a fixed rate of 3% your repayments would drop to around £499 a month, saving you £552 a year!
Read How to remortgage for more on what you should consider before making the switch.
You can compare mortgage deals over at the loveMONEY mortgage comparison centre.
Total money saved: £1,130.97
Switch your energy tariff
Next you should take a look at your energy deal.
You might find you are on your supplier’s standard variable tariff, which means you are paying more than you need to on your energy. Millions of us are sat on these expensive deals.
The Government estimates that the average household using 3,100 kWh electricity and 12,500 kWh for gas a year could save £200 by switching.
There are now tariffs costing under £790 a year. See the cheapest gas and electricity tariffs for more.
To see how much you could save head to the energy comparison centre.
Total money saved: £1,330.97
Shop around for your cover
Don’t let your car or home insurance policy automatically renew this year. Shop around for a better deal!
According to data gathered by the AA, the average quote for a comprehensive car insurance policy stands at a whopping £933.87. However, the average shoparound quote – the average of the five cheapest premiums, when using comparison sites and direct insurers – is £568.55. So shopping around could save you a massive £365.12 a year.
It's a similar story with home insurance. The market average quote for a combined home and contents policy is currently £216.88, compared to just £149.30 when looking at the average of the first cheapest quotes, a saving of £67.58.
Total money saved: £1,736.67
See if you can save on your car and home 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 according to Ofwat.
Small households are likely to benefit from the device rather than large families. These are fitted free of charge by your water company.
Total money saved: £1,863.67
Find a better deal on broadband
Finally, you should check out how much you are paying for your broadband to see if you can save.
In a recent study broadband comparison site broadbandchoices.co.uk compared the cost households typically paid during the introductory period and what they paid once a deal ended for BT, Virgin, Sky and Talk Talk.
On average the big four charge around £20.32 a month for broadband and homephone during the introductory period, but after the deal ended the monthly cost shot up to £32.57.
With the average cost of new deals at £19.84 a month, households could be saving £152.76 a year on average by switching.
Total money saved: £2,016.43
Compare broadband prices with broadbandchoices.co.uk
The grand total
There you have it: £2,016 saved in 2016. And that’s before we even look at cutting the cost of your food shopping, your gardening, your beauty regime, even the cost of getting your hair cut!
How are you planning to save in 2016? Let us know in the Comments box below.
More money saving tips:
How to furnish your home for less
How to cut the cost of your cinema tickets
How to watch free movies legally online