Whip your finances into shape in 2023

A lot of us will have made (and possibly already broken) a new year’s resolution to get fit in 2023. But what about your finances? How healthy are they looking? If your financial affairs need whipping into shape, try our top ten tips to make your money work harder in 2023.

1. Check if you can reduce broadband costs

Broadband costs have come down over the years. This means, if you’re out of contract, you could be seriously overpaying. Comparing the latest deals could see you enjoying superfast fibre broadband for half the price.

If you’re on benefits, you may also be able to get a social broadband deal. You can find a list of these long-term cheap deals on Ofcom’s website.

2. Is it time to switch bank accounts?

Banks will pay good money to get customers to switch their current accounts. Deals come and go, so it’s worth checking to see what’s available. Just bear in mind that a credit check will be carried out for each application you make. Lots of applications in a short space of time may sound alarm bells for potential lenders. So if you need to borrow money in the near future (e.g. for a mortgage), it’s probably a good idea to avoid switching current accounts for six months before you apply.

If you have a savings account, you’re probably used to getting paid practically no interest whatsoever. But, that is slowly changing so make sure you’re checking what’s available and moving your money if necessary.

Our final tip on bank accounts is really easy as it doesn’t even involve switching. If you sign up for the Chase bank account app and then use its debit card, you’ll get 1% cashback on your spending for a year. On top of this, there's a linked savings account with a very generous interest rate.

3. Are you missing out on benefits or tax breaks?

If your household income is under £40,000, it’s worth using the government's benefits calculators to make sure you’re not missing out on any extra income you’re entitled to.

Another thing to check if you’re married or in a civil partnership is whether you qualify for marriage allowance. To be eligible as a couple:

- one person must earn less than £12,570 a year

- the other must earn between £12,570 and £50,270 in England (£43,662 in Scotland)

If this applies to you, the higher earner will be able to transfer £1,260 of their personal allowance to their partner, reducing their tax by up to £252 a year.

You can apply for marriage allowance on the government’s website.

 4. Are you spending too much on fuel?

Filling up at the forecourt is an expensive business these days. To keep costs to a minimum use PetrolPrices to find the cheapest fuel in your area. And to save even more check out tips from the RAC on how everything from driving efficiently to maintaining your vehicle can help reduce fuel consumption.

5. Could water-saving gadgets protect your pocket as well as the planet?

If you’re on a water meter, cutting the amount of water you use can save you money. It also tends to cut the amount you spend on energy too, as much of the water we use is heated. Water firms give away free water-saving kit, including tap inserts and shower heads. See if you can get your hands on any freebies at Save Water Save Money.

6. Are you getting the best deal on your insurance?

According to Money Saving Expert, to make the biggest possible savings on car insurance you should get your quotes 23 days before your renewal date. For home insurance, it’s 21 days before your current policy expires. Searching at these times can save you hundreds of pounds.

You should also use a variety of comparison sites, as they search different companies, and then add in Direct Line as they don’t appear on comparison sites.

7. Could a balance transfer cut your credit card costs?

If you’ve got a credit card that you can’t afford to pay off in full, it makes sense to see if you qualify for a balance transfer card. This type of card lets you move your existing debt to a new card and it’s interest free for up to 30 months. Acceptance is far from guaranteed but Experian have a tool that can help you find the cards you’re most likely to be able to get. Make sure you go for the longest 0% interest deal and the lowest fee.

8. Are you paying for services you don’t use?

Check Direct Debits and standing orders to make sure you’re not paying for services you no longer use. It’s surprising how easy it is to forget about that gym membership or streaming subscription you don’t need anymore.

9. Get paid for recycling

A number of high-street shops – from Boots to H&M – pay or hand out freebies in return for certain recyclable items, including old clothes and empty plastic packaging.

See Metro’s list of the best schemes.

10. Check your tax code

Did you know millions of tax codes are wrong each year. If yours is one of them, you could be owed some serious cash. But it’s your responsibility to check it, not your employer’s or HMRC’s. So use Money Saving Expert’s tax code calculator to see whether you’ve been overpaying.