5 ways to save money in the New Year

A hand holding up a sparkler in the dark.

2024 looks like it’s going to continue to be a financially rough time for many. 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 don’t keep track of when you’re due for renewal, you could end up paying more in the long run. When your insurance is up for renewal you could try to negotiate a better quote with your current provider or use price comparison sites to find the cheapest deal to switch to before your policy auto-renews.

3. Cancel your unnecessary subscriptions

It’s easy to sign-up to tv, music and gaming subscriptions and forget about them. But if you’ve got multiple subscriptions, they soon add up. Cancelling the ones you don’t use could free up some much needed spare cash this year.

Go through your bank statement to check what subscriptions are active and contact the company to request to cancel.

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.