15 ways to give your New Year finances a boost and claw back £4,373 in 2024 

Hidden fees, forgotten subscriptions, and indulgences cost the UK a staggering £129 billion annually. With many people facing financial difficulties in 2023, is there a way to save money without sacrificing what you enjoy in 2024?

Kevin Mountford, a financial expert from the savings platform Raisin.co.uk, provides tips on managing your finances while still indulging in guilty pleasures: “We’ve identified 15 avoidable expenses that cost households nearly £4,600 annually. While traditional advice suggests cutting out takeaways and non-essentials, we believe in mindful spending. By making a few strategic changes, households can save more without sacrificing joy. These expenses include food waste, forgotten subscriptions, and phantom energy – helping you cut back and keep more money.”

Monthly subscriptions and direct debits
Many of us sign up for subscriptions, only realising the total cost once it all adds up. The gym is one of the worst culprits for wasting money – the average household throws away £201 on unused memberships. Not shopping around can also lead to overspending – the average household could save £80 on mobile phone plans by researching better deals.

Additionally, streaming subscriptions cost an annual average of £117, so it’s worth assessing whether you use them all and whether you could switch to family plans to save money. Finally, Brits spend £121 on lottery tickets yearly, but who knows? You might win!

General home expenditure
It’s always a good idea to check your wallet or purse for unused gift cards, as an estimated £400 million worth of gift cards went unused in the UK last year. Additionally, households spend an average of £42 each year on bottled water, so investing in a refillable water bottle can be both environmentally friendly and cost-effective. Lastly, turn off plug sockets and avoid standby mode, as vampire devices are estimated to waste £147 a year.

Finances and banking
Many British households could save up to £307 a year by refinancing their loans and transferring them to a zero-interest credit card. In addition, approximately 1.2 million households eligible for Universal Credit are not claiming it. Furthermore, an estimated £2.9 billion of Council Tax Support is available for 2.7 million eligible households each year not being claimed.

For the 7 out of 10 households with savings, keeping your money in a low or zero-interest account is a waste of money. Households with £10,000 of savings in a low-yield, high-street savings account could earn an additional £307 a year by transferring the funds to a more competitive 1-year savings account with 5.65% AER. If your savings are in a current account, you could earn an extra £248 a year by transferring them to a fixed-rate savings account.

“We all lead busy lives and often struggle to find time to review our finances. However, with the high cost of living, it’s important to strike a balance. According to Raisin UK’s research, we can save money by being smarter with our spending and cutting costs on things we don’t need. By doing so, we can still enjoy life while putting more money back into our pockets.”