The analysis from the UK's number one comparison site shows that spending time reviewing all of your personal finances could save over £3,500 over twelve months.
Clare Francis, site editor at MoneySupermarket, said: "The combination of rising living costs, lack of pay increases, and taxation and benefit changes has really put pressure on household budgets. Now, more than ever, every penny counts. As well as watching everyday spending, households should make sure they get the best value from all their financial products, ensure they're not paying over the odds, whilst also maximising the benefits these products can bring. For example, the current average UK savings rate is just 0.31 per cent, while the market leading easy access deal pays ten times that amount.
"Sitting on average rates in the current climate doesn't make sense - those who take control of their finances and make their money work harder will see a real benefit from their actions.
"The area where often the biggest saving can be made is your mortgage, but remortgaging this won't be relevant for everyone. However, there are still ways to free up a sizeable amount of money. Switching to a cheaper credit card or personal loan and making sure you are getting the best deal on your home and car insurance can result in a significant saving over the course of a year."
Mortgages - Saving £1,974.98
A recent MoneySupermarket poll found one in four (26 per cent) consumers had benefited from lower mortgage repayments due to a record low base rate. Despite indications that base rate will remain low for the foreseeable future, many consumers can take advantage of record low mortgage rates now. For example, someone with a £150,000 mortgage on the market average standard variable rate (SVR) of 4.83 per cent could save themselves £1,974.98 a year switching to a two year tracker mortgage from First Direct (£1,499 fee) at 1.99 per cent.
Credit cards - Saving £269.46
Those unable to pay off their credit card debt quickly and looking to spread the repayment costs over a period of time should ensure they move their outstanding debt to a zero per cent balance transfer card, to save hundreds of pounds in interest. Moving the average credit card balance of £2,047*** from the current average rate of 18.4 per cent APR to the market leading 22 month Barclaycard Platinum card would save £269.46 (taking into account the balance transfer fee). MoneySupermarket has aSmartSearch credit profiling tool which matches applicants against the products they are most likely to be accepted for without leaving a mark on their credit file.
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