5 money hacks

1. Get a phone-based bank account, such as Starling, to track your spending and identify money-wasting. Transfer your salary into pots for expenses, bills and savings as soon as you are paid.

2. Having a decent credit history will not only enable you to get a mortgage or loan – it will also help you save money, because you will be offered better deals. If you’re renting, you can now add rent payments to boost your credit file through Credit Ladder.

3. There are lots of apps to help you save little and often. Chip analyses your bank account and puts aside how much it thinks you won’t miss. You can do the weekly savings challenge with Monzo and the app IFTTT, saving £1 on Monday, £2 on Tuesday, up to £7 on Sunday. You’ll have £1,500 in a year.

4. The more frictionless a transaction, the less we have to think about it – so ditch contactless and give yourself pocket money in cash.

5. Forget loyalty. If you haven’t switched your fuel, mobile phone, insurance or broadband provider after the end of your first contract you won’t be on the best deal.