25 ways to save thousands in 2015

Take £10 less out at the cashpoint. Turn down your central heating by one degree. And learn to be a real moaning minnie ...

1. OPEN ALL YOUR POST — AND READ IT

So many financial problems could be solved if people spotted them and then tackled them earlier. opening your post and checking your bills is a big part of this: ignoring a bad bill won’t make it go away — but it will make it bigger.

So open those letters (and check your online statements) as soon as they come in. Scour any l etters explaining changes to terms and conditions, too. If your bank is cutting the interest rate on your savings account, you want to know about it.

2. SET ALERTS FOR YOUR TV, INSURANCE OR PHONE DEAL

When you take out insurance, a new energy tariff or a phone or broadband deal you’ll often be tied in for a set period. But as soon as it ends, you want to find the new cheapest one instead of probably overpaying on the same deal. So as soon as you take out a contract, put the date it ends in your diary. Got a smart phone? Use its calendar. you’ll never have to pay extra again.

3. STICK TO A SHOPPING LIST

SUpermarket layouts are designed by retailing experts to get you to part with your cash. they place the more profitable products in the shopper’s eyeline, put goodies appealing to children on low shelves and stack impulse buys near the till.

the easiest way to avoid getting drawn to all the ‘three for two’ offers that you don’t need is to arm yourself with a handwritten shopping list. and stick to it.

4. GET PAID TO SHOP ON CASHBACK WEBSITES

money for nothing might seem to be too good to be true, but that’s the case with a cashback website. they pay you commission of between 3 pc and 10 pc of online purchases at thousands of high Street stores.

to claim the kickback you have to join one of the websites such as topcashback or Quidco and click through to the site where you want to shop. the retailer pays the money you’ve earned into your bank account. It really is a no-brainer, and you can easily

pocket an extra £100 a year like this.

5. BUY PRESSIES MONTHS IN ADVANCE

BUIld a stash of presents to avoid making pricey last-minute panic purchases. If you have young children who go to birthday parties every other week, buy toys in bulk in the sales. For older friends, stock up on generic presents such as scarfs, jewellery and toiletries during discounts.

6. SAY NO TO ALL SALESMEN

Whether it’s a cold-caller, a doorto- door salesman, or something offered to you at the till when you pay: Say no.

If you hadn’t intended to buy it before, you don’t need it now. and if you really think you do, go away and find the cheapest option instead.

7. TAKE A BREATHER BEFORE YOU BUY

BeFore you buy anything out of the ordinary daily routine, stop for moment and ask yourself three tough questions: do I need this?; do I really want i t?; can I get it cheaper elsewhere?

you should make sure you are answering yes to all three before you part with your cash.

8. ASK YOUR BOSS FOR A PAY RISE

the old adage applies: if you don’t ask, you don’t get. many workers have struggled for pay rises over recent years — but the economy is recovering quickly.

So go on and ask your boss to consider a pay rise. you’ll have to put your case, though, and show why you deserve one. What’s the worst that could happen? they’ll say no and you’ll be no worse off than before.

9. DO AN AUDIT ON YOUR DIRECT DEBITS

FIrmS rely on us being too busy or lazy to bother cancelling direct debits or standing orders. on average we waste £70 a month like this — ranging from gyms we never visit to magazines we last read in 1999.

It’s time to get tough. Check your statements and axe any extra payments now. ask your bank to cancel the payment whenever you like.

10. PAY £20 MORE ON MONTHLY MORTGAGE

on a £150,000 mortgage you could shave two years from a 25-year term just by putting an extra £20 in the pot every month — it’ll save you more than £4,000 in interest, too. Up that to £50 a month and you’ll save almost £10,000 over the term of your mortgage, and have it paid off in 22 years.

11. TAKE £10 LESS FROM THE CASH MACHINE

IF the money isn’t in your wallet, you can’t spend it. the idea is to develop a habit of making your cash stretch further — anything to avoid a cold walk back to the cash machine. and learn to avoid the temptation of falling back on a credit card.

12. BE A MORE CAREFUL DRIVER

drIvInG carefully uses less fuel. keep an eye on what’s going on three or four cars ahead, drive smoothly and don’t speed. driving at 70 mph uses 25 pc less fuel than at 85 mph. keep your tyres well pumped. low pressure increases the drag on your car and increases fuel consumption by up to 3 pc. take off roof racks and clear out any junk in the boot — this will improve your fuel efficiency by up to 4 pc. and cut the air con — it devours up to 8 pc more petrol.

13. NOTCH DOWN YOUR HEATING BY 1 DEGREE

expertS advise you keep your main living room heated to 21c and the rest of the house to 18c. If your thermostat is closer to 22c, turning it down a notch and popping on a jumper instead could cut your heating bills by 10 pc and save £80 a year.

14. SCARE YOURSELF WITH A MONEY DIARY

IF yoUr head’s in the sand about your spending habits, it’s time to face up to reality. keep a diary note of every penny that leaves your pocket. It’s not for the faint-hearted, but you will be able to see clearly where cutbacks can be made and where you most often waste cash.

15. BE UNFAITHFUL — LOYALTY NEVER PAYS

Be It an energy firm, insurance provider or a brand of baked beans — never commit. Companies almost always save their very best deals for new customers. they rely on existing customers being lazy and staying put. don’t let it be you.

hunt for the best bank, energy and insurance deals and switch. price comparison websites s uch as moneysupermarket, GoCompare and Uswitch will narrow your search.

16. BRING YOUR OWN LUNCH TO WORK

BUyInG your own lunch every day is a pricey habit — even t he c heapest sandwiches can set you back £2 to £3, and then you’ll probably buy a drink to go with your meal.

So why not make your own sarnies and salads, and stick to tap water f or your drink? If you spend a fiver a day on lunch, you could easily save £1,000 over the course of a year.

17. FLOG UNWANTED STUFF ONLINE

Go throUGh your wardrobes, cupboards and garage. If you don’t wear it or use it, sell it online. Set up an account with ebay.

you can list 20 items a month for free — you’ll pay 35p per listing thereafter. If your item sells you’ll have to cough up 10 pc of your total transaction cost including postage up to a maximum of £250.

paypal users will also be charged between 1.4 pc and 3.4 pc of the total sale, plus a 20p Uk transaction fee.

18. AVOID TAX ON SAVINGS — LEGALLY

open an Isa and fill it with as much money as you can. you have until this tax year ends on april 5 to use this year’s allowance of £15,000.

you can save in cash, stocks or in a combination of the two. If you are saving for children, you can put up to £5,000 in a Junior Isa.

19. HUNT DOWN CASH IN LOST ACCOUNTS

to loCate l ost current and savings accounts, go to the website

mylostaccount.org.uk and use its

free tracing service. Fill in as many details as you can, and it will trawl through all accounts deemed dormant by banks, buil di ng societies and the National Savings & Investments.

The search can take up to three months to complete.

For help finding forgotten pensions contact the Pension Tracing Service online or by calling 0845 6002 537.

It will help you find an up-todate contact address f or the scheme you’re looking for.

20. BE A PAIN . . . AND COMPLAIN MORE

You don’t need to be rude, but if you are served a bad dish in a restaurant, send it back.

Not happy with the service on a flight? Write and complain. Annoyed with patchy internet connection? Call now and tell your provider.

Not only should you get better service, you might even get a discount voucher thrown your way, too. They won’t want to lose your custom.

21. SAVE A SET SUM EVERY PAYDAY

IF oNe of your New Year’s resolutions is to save more, set up a monthly direct debit to ensure that you stick to it.

Decide how much money you want to put aside and arrange for it to go out every payday. Then it’s gone and you know how much money you have left to work with for the rest of the month.

22. CLAIM FOR LATE PLANES AND TRAINS

uNDer eu law, if your flight arrives at its destination more than three hours late, you may be entitled to as much as £471 in compensation — £1,884 for a family of four.

The only exception is if the delay is caused by a so-called extraordinary circumstance such as bad weather or strikes. To claim, contact your airline and quote the eu regulation 261/2004.

Meanwhile, if your train is more than an hour l ate because of an operator fault, the minimum compensation is 20 pc of the cost of your single ticket or 10 pc of a return.

23. UPGRADE TO A CHEAPER CARD

The standard interest rate on a credit card is between 15 pc and 20 pc — £31.25 to £41.67 a month on a typical £2,500 debt.

If you shift your debt on to an interest-free balance transfer card, you could save hundreds of pounds.

Barclaycard and Lloyds offer deals with interest-free periods as long as 35 and 34 months respectively.

If your card is clear, pick one that rewards you for spending, such as the American express Platinum cashback credit card or Santander 123 credit card.

24. KEEP AN EYE ON YOUR CREDIT FILE

everY detail of your finances is recorded by Britain’s three main credit reference agencies — experian, Callcredit and equifax.

If the information noted is wrong, it can be the difference between getting a mortgage and not.

If you spot a mistake, call both parties immediately and ask for an investigation. By law you must be given basic access to your credit report by post for £2.

Agencies also offer their own services that can give you a better idea of how your file might be viewed by lenders.

Callcredit’s tool, Noddle, is free, while equifax and experian offer a free 30-day trial. After the trial ends, experian charges a £14.99 monthly fee, and equifax £14.95.

25. STAY CALM IN PLUNGING MARKETS

IT’S easy to panic if you have a commodities investment and suddenly the oil price halves, or you invest in Japan and it enters recession. But investments should be long-term.

If you chose an emerging markets f und because you t hink t hese economies will do well over ten years, t hen it doesn’t matter what happened yesterday.

If your l ong- term goals haven’t changed, t hen neither s hould your funds.