1.      Review your mortgage – approximately one-third of people stay on the standard variable rate. Have you considered offsetting? It can save you thousands BUT you will need to manage your money efficiently in order to get the best out it. Cutting 1% off a £100k mortgage can save you £80 per month.

2.      Utilities – review your gas and electric. Use a price comparison site but always check the terms and conditions. Water rates – do you have a meter? This alone could save you £300 per year.

3.      Phones – look at reviewing your mobile phone tariff to one which is all inclusive or offers unlimited calls. Don’t forget to trade in old mobiles – you could find yourself up to £150 richer. Also consider changing your landline provider -  there are several companies which will offer you free broadband / free calls for around the same amount you may currently be paying for line rental.

4.      Credit cards – look at balance transfers - 0% is not always the best deal as you need to also factor in the transfer fee. If it is long term debt consider a long term rate and be realistic about the time scale it will take to repay it. If it is short term debt then look for the 0% deals. The most important thing is to have a clear strategy.

5.    Petrol – don’t wait for the warning light to come on! Check out which local filling station is cheapest, plan when you are in that area and fill up – otherwise you will usually end up paying the top price.

6.  Cut back on daily spending – stop buying that coffee on the way to work, cut down on buying expensive magazines, prepare your own lunch instead of buying expensive shop sandwiches. Most people spend £5 a day without even thinking about it, which can amount to £100 a month and £1,200 each year.

7.     Maximise your savings – do your research and move to the best current account or ISA. It can save you hundreds of pounds each year.

8.    Insurance – review your premiums (car/home/health etc). Most people buy out of loyalty - shop around and potentially save hundreds of pounds. Make sure your policies aren’t duplicated - your home contents policy may include travel insurance. Don’t be tempted to buy a policy when you book your holiday without first checking existing policy details.

9. De-clutter – an old tip that rings true now more than ever with the rise in popularity of auction sites. Have a good clear-out and sell unwanted items on eBay – you’ll be surprised how much you could earn!

10. Loyalty cards – ensure you have loyalty cards for the places you shop at the most as they’re great for helping to offset expensive times such as Christmas. It’s surprising how quickly the points pile up.

Contact Lee Naylor directly by emailing ln@prosperis.co.uk or call 0113 287 8200 for a chat.