5 ways to save money in the New Year

2023 looks like it’s going to continue to be a financially rough time for most. Trying to stay warm in January and also feeling the pinch after Christmas could have already caused a financial headache this new year. 

Read our five ways to save money in the New Year and you can make some quick and easy savings. 

1. Check you’re not missing out on benefits

It’s important now more than ever to check if you’re missing out on any benefits you’re entitled to. If you’re already receiving benefits, you’re not sure if you’re eligible for any, or if you’ve previously not been eligible for any, it’s still worth doing a quick check using a benefits calculator. It’s confidential, free to use and takes less than ten minutes.

2. Check you’re not overpaying on household bills or insurances

Check if you’re out of contract on your broadband contract. This means you’re out of the minimum time you signed up to a specific deal, usually 12 or 24 months. If you are out of contract, you could be overpaying. Use a price comparison site to check if you could get faster broadband for less.

Insurance companies may auto-renew your policy at a higher price than you’re already paying, so if you’re not switching companies regularly you could end up paying more in the long run. Make sure you make a note of when your insurance is up for renewal and use price comparison sites to find the cheapest deal before your policy auto-renews.

3. Get free money by switching banks

Banks offer promotional deals to entice customers to switch banks. You usually have to move a certain number of direct debits over to the new account but this is all done automatically using the Current Account Switch Service. Banks have been known to give up to £200 just to switch to their current account.

4. Check if you’re entitled to a Council Tax discount

You could be entitled to a Council Tax discount if you are living alone, living with a student, have a disability, you’re on a low income or are a carer, amongst other reasons.

5. Get out of debt

If you’re struggling with debt and don’t know where to start paying it off, get some help at the start of this new year. Debt can weigh you down and make everyday life extremely difficult. Get in touch with CAP and our free, expert debt help can support you all the way to becoming debt free.