Sticking with the same mortgage provider for too long can cost
you thousands of pounds. You can search for the best mortgage deals
using the mortgage calculator at www.which.co.uk when your current
deal runs out. It’s also worth talking to an independent mortgage
adviser (see www.impartial.co.uk to find a local one).

It pays to check the interest rates on your accounts. Most current
accounts pay little or no interest on credit balances. However,
if you stay in credit with an average balance of £1,500, switching
to a Which? Best Buy Alliance & Leicester Premier Direct current
account could earn you almost £100 a year in interest as we went
to press – and the bank was offering a £100 ‘signing on’ fee to
new customers. Visit www.which.co.uk for the latest Best Buy current
accounts.

When it comes to insurance, it’s easy to simply renew with the
same firm year in, year out. But taking the time to check your policies
annually could save you money.

Which? research has found that you can almost always get a better
deal on car insurance by switching to a new insurer each year. Regularly
review life insurance and income protection policies to check that
they still give the level of protection you need.

Understanding exactly what cover your different policies offer
will also ensure that you don’t end up paying for services unnecessarily.
Check, for example, whether your home contents insurance policy
covers your mobile phone. If it does, you could cancel any standalone
mobile insurance. Also, make sure you aren’t over-insured and paying
for cover you don’t need.

Review your bank account to make sure there are no old direct debits
or standing orders going out that should have been cancelled. It’s
a straightforward and simple check that could save you money.

Keep on top of all your financial affairs. From checking your credit
files regularly to reading your bank statements, the simplest way
to minimise fraud is to be aware of the activity on all your accounts.
Make checking easier by closing any accounts that you no longer
use. One in four people has a credit card that they haven’t used
in the last year. Closing dormant accounts could also save you money
– you may find that your card provider charges you an annual fee
if you don’t use your card.

Check your credit files online once a year with Experian or Equifax
for £2.

1. SET UP DIRECT DEBITS FOR UTILITY BILLS

Not only will you have one less thing to worry about but you’ll
also save money. You could save up to £200 a year paying all your
bills this way.

2. ORGANISE PAPERWORK to make it easier to review your finances
regularly and decide whether to switch accounts to obtain better
rates. Don’t forget to make a note of when special deals end.

3. KEEP ALL RECORDS such as mortgage and investment information.
Any tax records of income and capital gains should be kept for at
least 22 months after the end of the tax year.