23 January 2024

The first step you need to take is to take a look at your main expenses and see if there’s any way to reduce them.


Can you go on a comparison website and see if you can get a cheaper deal? Some insurers will give you a discount for insuring multiple items such as your car and home insurance with the same provider.


If you have a mortgage, this is likely to be your biggest outgoing. If your mortgage is up for renewal soon, make sure you’re looking at what other providers are offering before your mortgage moves onto the lender’s standard variable rate, and your monthly payments increase by default. You should aim to do this around 6 months before the end of your current fixed rate term.

Direct Debits

Review your direct debits and subscriptions. It’s easy to set up a new subscription service and then not use it. Check whether you’re making the most of them all, or if you can reduce them. Are there duplicate subscriptions in your household? Cancelling at least one will save you money immediately.

Credit card debt and loans

Make sure you are paying at least the minimum payments every month. If you can pay off more every month, then the debt will attract less interest. If you can, look around at swapping to a 0% credit card deal.

Next steps

Look at what interest rate your savings are earning, if you have any. Now is a great time to compare your interest rate to what’s available across the market. You could earn some money just by moving your savings to another provider with a higher interest rate.

Do you have an emergency fund?

It’s important to have an emergency fund for the unexpected. Have you set one up? The goal is to build up a pot of about 3 months’ of expenses, in case the unexpected happens, but every little helps.

Set up some savings goals with the help of our savings calculator

Our savings calculator can help you work out how much you need to save – and for how long – if you have a specific goal in mind such as a holiday, wedding or a house. Visit our savings hub for more information.