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Five top tips to save money in 2016

Save by switching and haggling

Saving money

Our expert tips will help you grow your money

Is it your new year’s resolution to save money in 2016? Find out how, with five money-saving tips from the Which? experts.

Our research shows that households can save hundreds of pounds by making a few simple changes.

Follow these five tips in 2016 and you could be a lot better off.

1. Compare energy tariffs

You could save a serious amount of money by switching your energy provider. Which? Switch customers are currently saving an average of £297 a year* on their gas and electricity bills.

Use the Which? Switch energy comparison calculator to find out how much you could save by switching to a better energy deal.

2. Switch bank account

Switching your bank account may sound like it’ll take a lot of time and effort, but the Current Account Switching Service has made it easier than ever to change bank accounts. 

With several current accounts paying respectable levels of interest on balances that are in credit – and many also paying you a bonus when you open the account – it’s often worth switching. Our free bank account reviews show which options are best for you if you’re always in credit.

3. Shop around for car insurance

Insurers reserve the best deals for new customers and often push up the premiums for their loyal policyholders. Rather than just allowing your policy to roll into another year, shop around and see if you can find yourself a lower price.

Even if you want to stay with your current provider, it’s worth haggling: in a November 2015 Which? survey, eight in 10 (78%) people told us they’d successfully haggled for a better deal, saving an average of £60.

Find out which are the best car insurance providers according to a real-life customers and our own expert analysis.

4. Haggle with your telecoms provider

More than half (54%) of people have never haggled to bring down the price of their telecoms services, according to a separate November 2015 Which? survey. We found that you could save £314 on average across a mobile and combined broadband/TV contract.

If you’re keen to try your hand at haggling, do some research and see which deals are available from competitors before phoning your provider. When you call, mention the other deals that you have found and see if they can make you a better offer.

5. Consider own-brand groceries

Swapping big brands for supermarket-own products can save a lot of money – and sometimes you’ll get a better-quality product as a result.

We regularly review food and drink in blind taste tests, comparing supermarket and big-label products. Recent tests have found supermarkets’ own offerings beating the big brands in a range of products, from gin and prosecco to Greek yogurt and ground coffee.

Check out our food and drink reviews to find out where you can buy great-tasting products that won’t break the bank.

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*Average estimated annual saving for customers who applied to switch suppliers through Which? Switch between 1 May 2015 and 31 August 2015.

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