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As we say goodbye to the challenges of 2023, let's bring in a fresh start for your finances in 2024.
From exploring energy-saving tactics to checking the benefits you're entitled to, these practical resolutions aim to help you strengthen your finances.
In the wake of a tough year of rising food prices and soaring household bills, it could be worth reevaluating your income and outgoings to see where you stand. Here are five practical steps for budgeting:
Once you have a budget, make sure to regularly review and adjust it as your circumstances change.
Car and home insurance premiums have soared this year.
According to the figures from the Association of British Insurers, car insurance premiums have rocketed by 29%, while the typical quoted price of home insurance jumped by more than 36%, according to price tracker Consumer Intelligence.
One way to save is to opt out of automatically renewing your insurance and make sure you shop around for a new deal a few weeks before your policy expires.
Even though insurers are no longer allowed to offer new customers better prices than existing customers, you may be able to find a cheaper deal or better cover elsewhere for your circumstances.
Check Which? insurance ratings and compare deals using the service provided by Confused.com
Get a quoteThe energy price cap will rise in January 2024. The cap applies to what you pay per unit of gas and electricity on standard variable tariffs, which many of us are now on.
However, as it’s the cost per unit that’s capped, rather than your overall bill, reducing your usage could reduce or even reverse the effects of the increase.
For example, try washing your laundry at 30ºC (instead of 40ºC). This one step can reduce the cost of doing a load of laundry by 38%, according to our tests.
It's easy to end up paying over the odds for your broadband service. Introductory offers tend to last 12, 18 or 24 months, and prices often rise automatically once your contract has ended.
Switching is one way to save money, but if you're happy with the service you might want to stay. If this is the case, it's worth negotiating a better deal.
In our survey of more than 5,000 people whose contracts had ended in the past month, we found that around half had negotiated with providers to get a better deal for their broadband, TV and broadband or mobile phone network.
On average, haggling saved £43 annually for broadband customers and £90 for those with combined broadband and TV. But the biggest savings were achieved by hagglers who downgraded their deal, with TV and broadband customers pocketing £213, on average, and broadband-only users saving £158.
The average credit card debt per household was £2,409 in September 2023, according to The Money Charity, and it's likely to have grown bigger over the festive period.
If your credit card debt is attracting high levels of interest, consider using a 0% balance transfer credit card, which can freeze your current interest rate and accelerate the debt repayment process.
This card allows you to transfer existing credit card debt without incurring additional interest charges. Some cards may have a one-time transfer fee, but fee-free options are also available.
For example, a £2,500 debt on a card charging 18.9% APR that you pay £100 a month towards would take you two years and seven months to pay off. But by moving the balance to a 25-month 0% balance transfer card with no fee, you could repay the debt six months earlier with the same £100 monthly payment and save £629 in interest.
Explore the benefits and tax perks you might be entitled to that could help boost your finances.
Life changes, such as getting married, having kids or changing jobs, can impact what benefits and tax credits you qualify for.
Entitledto.co.uk has a benefits check-up tool that can help you figure out what you could get.
In a workplace pension with defined contributions, the minimum total contribution is 8% — you contribute 5% (which includes a 1% boost from pension tax relief) and your employer adds 3%.
However, some employers match your contributions, so if you can increase them, even just by 1%, it could make a big difference to your pot in the long run – especially if you start early.
Mortgages are now priced significantly higher than they were two years ago, meaning borrowers who need to switch deals in 2024 will face much higher repayments.
So check your mortgage agreement to find out when your deal ends. If you're near the end of a fixed term start shopping around for a new deal now. You can usually secure a new mortgage six months before the end of your current one.
It's worth checking what your current lender will offer you as well as what you can get elsewhere. To start your research, you can check out our guide on the best mortgage rates.
Find the right mortgage using the fee-free service provided by L&C Mortgages
Compare mortgagesIf you click on the link and complete a mortgage with L&C Mortgages, L&C is paid a commission by the lender and will share part of this fee with Which? Ltd helping fund our not-for-profit mission. We do not allow this relationship to affect our editorial independence. Your home or property may be repossessed if you do not keep up repayments on your mortgage.
Research from Canada Life in March 2023 found that one in two adults don't have a will in place.
Making a will can give you peace of mind that your money and assets will go to the intended people.
Before writing your will, think about who should inherit your important assets and any other wishes you have. You can use our free and easy wills planner tool to help, including who will execute it and who will benefit.
While it's important to be hopeful for the year ahead, it's also wise to plan for the worse.
One consideration is how your loved ones would cope financially should you pass away.
A life insurance policy can replace lost income, settle outstanding debts and cover childcare expenses, tailored to your specific needs – and it doesn't have to strain your budget.
Find the right life insurance policy using the service provided by LifeSearch.
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