Are You Starting 2013 Broke?

Image by Porto Bay Hotel & Resorts

Research from the Association of British Insurers shows that over 13 million working people are not saving enough, and almost half of British consumers will make saving money a New Year's resolution. Are you one of them?

Here is some help with our top ten saving tips that could be added to your resolutions for 2013:

1. Make your savings tax-efficient by transferring to an ISA, Child Trust Fund or pension fund.
2. Pay off the most expensive debts first – credit cards and store cards often have comparatively high APRs. If needs be, consolidate your debts into a cheaper form that you can pay back at your own pace without building up endless interest.
3. Use personal finance software like Money Dashboard to see where your spending is going. You might be surprised to learn how some small purchases build up over time, like a coffee in the morning, or your train fare. If you are spending too much on any one thing, look for a cost-saving alternative.
4. If you have a mortgage, look over your arrangements. Your home is likely to be the most expensive purchase you will ever make, so shop around and make sure you have the best loan at the best rate that you are eligible for.
5. Look at your monthly spend – what do you pay for regularly? You might be able to find cheaper suppliers for your phone, broadband, electricity, gas, etc.
6. Look for discounts on the Internet. You might find vouchers or coupons, or ways to save money from personal finance sites. It's worth a quick look online before making any big purchases or financial decisions.
7. Heating your home is expensive, so installing things like attic insulation, pipe lagging, energy saving light bulbs and double glazed windows will keep your energy bill down.
8. A cook book with some quick and easy meals will be a lot cheaper in the long run than frequenting restaurants and cafés. Eat at home whenever you can, and if you are going out look for BYOB restaurants to save on the drinks cost.
9. Don't just renew your insurance policies every year. There are new deals arriving on the market all the time, so your cheapest provider from last year might not be the cheapest any more. Use comparison engines like uSwitch.com or moneysupermarket.com to be sure.
10. You can use sites like entitledto.co.uk to find out if you are entitled to benefits or deductions, such as child benefit, working tax credit, child tax credit etc.