There’s always something we can do to make our financial picture rosier in the future, even if we’re dyed-in-the-wool savers. Here are 5 tips to save money in the new year, Try them and you’ll be a money saving expert.

1. Don’t settle for simply renewing your insurance.

Yes, it’s easier to continue your home or car insurance but, in this economy, loyalty is often unrewarded and often the best deals are for new customers. Always compare insurance when your policy is about to be renewed. It’s easier than ever to do this online, and a few minutes of your time could save you hundreds of pounds over the year.

2. Look for the best savings deals and don’t be afraid to switch.

Once again you’ll have to work hard to make your savings beat inflation this year. You should regularly (perhaps make it a quarterly ritual) compare savings accounts and see if your money could be working harder for you elsewhere. But, be sure to read the fine print. Switching out early can void previous earnings if you inadvertently break the terms of your current savings account.

3. Cut your credit card expenses.

If you have decent credit, search for a 0% balance transfer card and use it to consolidate your debt. You will be charged a balance transfer fee of around 2 to 3% of the balance, but that is far less than what you’ll pay in interest on the balance your other credit cards are carrying if you leave it where it is. Right now Barclaycard is offering 17 months’ interest-free balance transfers with £20 off your balance transfer fee.

4. Set up an arranged overdraft with your bank.

If you’re switching banks, choose one where you can get an interest-free and fee-free arranged overdraft. This one step can easily save you over £100 this year.

5. When shopping online, always check for promotional or discount codes before you check out.

Try myvouchercodes.co.uk, vouchercodes.co.uk, or simply search for vouchers and codes using a search engine. This is a very easy way to gain discounts and sometimes free shipping, and it takes next to no time.