Take our money MOT to save money on bills and get extra money

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The cost of living crisis is biting.

Find out where you can save and withdraw our MOT money.

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Take our money MOT and improve your finances

Check invoices

Review all your bills and expenses to see if you can save money.

If you are no longer under contract with one of the services you pay for, you can switch providers to save.

If you are satisfied with the service you get, negotiate.

You could save hundreds of dollars, which will help you offset the increased costs in April.

Shopping on insurance could save £265 a year, according to consumer group Which?, while haggling could save £250.

If you exceed the minimum duration of your mobile phone contract, the change could save you hundreds of euros.

What can you give up?

Carefully review your subscription services and how often you use them

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Carefully review your subscription services and how often you use themCredit: Alamy

FROM streaming services to magazine subscriptions and gym memberships, many of us shell out for things we rarely use.

Scan through bank statements and look for payments you don’t recognize.

Also look at regular payments and determine if you are using the service.

If you sign up for a free trial, put a reminder in your calendar to cancel before you have to pay.

Myron Jobson, personal finance analyst at Interactive Investor, says: “Removing a £10 subscription from your monthly outgoings might not seem like a lot, but that’s £120 a year.

Fix your mortgage

Try to make sure you are on the best possible mortgage rate

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Try to make sure you are on the best possible mortgage rateCredit: Alamy

IF you’re one of the two million homeowners who have an adjustable rate or tracker mortgage, your bills could soon rise again.

The Bank of England is expected to raise interest rates shortly.

That would add £56 a month to a £200,000 25-year mortgage if you’re on a variable deal and the rate were to drop from 3.99% to 4.49%, or £672 a year.

Also check if you are on a fixed rate deal. You might be able to switch and save some money.

But don’t forget to consider the impact of high prepayment charges before deciding to leave your lender.

Too much interest?

Had the same credit card for a while? If so, you are probably paying too much interest. Balance transfer cards allow you to transfer your loan to a new credit card and often charge zero percent interest for a set period.

According to MoneySavingExpert, MBNA offers an interest-free agreement for 33 months, while M&S Bank has a 31-month agreement.

MoneySupermarket’s credit card calculator estimates you could save £380 in interest on a £2,000 balance if you switch from a card charging 18.9% to a zero% offer.

This is based on repayments of £100 per month.

Do an energy audit

Review your energy usage and see where you can cut costs

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Review your energy usage and see where you can cut costsCredit: Alamy

Most households, 20 million of them, enjoy standard variable rates and bills increase from April 1, when the average price cap hits £1,971.

And experts warned this week it could go back up to £3,000 a year.

In the current climate, you probably won’t be able to save money by switching providers. But you should still review your rate and find out how much more you will pay next month.

Think about how you could reduce your energy consumption. If you are having trouble paying, contact your provider.

He might be able to support you if you are in debt.

Unclaimed Benefits?

MILLIONS of us are running out of money by not claiming the benefits to which we are entitled.

These include universal credit, pension credit and housing tax support.

The average amount of unclaimed pension credit is £1,878.91.

Websites including turn2us.org.uk and straightto.co.uk have benefits calculators to help you check.

You will need certain information to hand to see if you can apply, such as bank statements and details of any existing pensions and benefits you obtain.

Change bank

You can get extra money by changing banks

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You can get extra money by changing banksCredit: Alamy

GET hundreds of pounds just by moving your bank account.

First Direct is currently paying £150 to new customers. NatWest and RBS offer £150 plus £3 cashback per month, while Santander pays £140 plus cashback on bills.

Apply for an account and your new bank will do the work. As part of the current account switching service, this should not take more than seven working days.

Check the conditions first. With some banks, you must pay a minimum amount each month. Or you cannot get the bonus if you have been a customer before.

Myron Jobson says, “Compare benefits, overdraft fees and interest income. Read the fine print.

Check tax code

HMRC may owe you money if you entered the wrong tax code.

James Andrews of money.co.uk says: “The most common reason is if you have changed jobs, or your status or benefits have changed.”

Most basic rate taxpayers have a tax code of 1257L.

Gov.uk has a tool to help you find what yours should be. Compare it to the code on your last payslip. If not, call HMRC on 0300 200 3300.

If you are eligible for a rebate, you will receive a P800 letter after the end of the tax year. You can claim the money online or by mail, although the latter takes longer.

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