Money saving tips: Britons could cut costs by thousands each year with key changes | Personal Finance | Finance

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Saving money in 2023 is likely to be a goal for many people, but knowing where to begin can be difficult. In efforts to help, Holly Andrews, managing director at KIS Finance, has shared some of her top tips. 

Ms Andrews said: “The new year is the ideal time to shake up your spending habits and look for ways to streamline your expenditure.

“But most money saving tips mean having to cut back and give up things that you like.

“However, we’ve looked into the simplest ways that you can save money with little effort, but with some really great rewards.

“If you try our easy to follow tips you can significantly reduce your expenditure without reducing your enjoyment of life.”

READ MORE: Britons could get £55,000 in state pension for just £8,000

Look for cash back deals

Cashback offers can help Britons save in a variety of ways, with websites such as Quidco and TopCashback offering good deals.

Switch bank accounts

Most major banks offer an online switching service, to enable a bank account to be switched easily.

Ms Andrews recommends using a comparison website to compare the functions, interest rates and perks offered by different accounts.

Only pay what is needed

If a person’s data usage is low on their mobile phone, then there is no point paying for unlimited data – and contacting a provider is important.

In the same sense, Ms Andrews suggests cancelling one’s landline if they no longer need it, as it can help to cut costs.

Check tax code

Ms Andrews said: “If your tax code is wrong, you could be paying more tax than you need to. For most tax codes the number within it will show your personal tax allowance for the year, that’s the amount you can earn before you pay tax.

“For the current tax year the default code will be 1257L, meaning that you can earn £12,570 before you pay tax. If you receive any taxable benefits in kind, then your tax code will be lower, but if you aren’t receiving any taxable benefits your tax code should reflect the full allowance.”

Review council tax

Britons taking a few minutes to review whether their property is in the right council tax band could save them “considerably more each year”.

Individuals are encouraged to check what council tax band their neighbours are in and the value of their property in comparison, as a starting point.

Cancel unnecessary payments

Subscriptions may no longer be needed, but if they are on a direct debit, the money may be taken out of a person’s account automatically.

Similarly, Ms Andrews stressed many people with more than one streaming service might be paying twice for the same content. 

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