Consider changing your bank to one that pays interest. If your account has an average balance of £500 over the course of a year you are losing out on £25 per year in interest on an account that pays 5%.

Once you have a current account that pays you interest consider when your direct debits go out. Most people get paid around the 28th of the month and have their direct debits going out on the 1st of the month. But if you change them to go out on the 27th of the month that money will be earning YOU interest for an extra 27 days. £500 of d/d's shifted from the 1st to the 27th could be as much as an extra £25 you earn in interest.

Check your savings rates. Banks and Building Societies have a nasty habit of reducing the rates they pay on older accounts to maximise their margins as they realise inertia stops people shopping around. On a £1000 of savings the loss of interest between the best and worst accounts can be quite substantial. Check your savings accounts interest rates regularly as we have discovered one that has dropped its savings rate to 0%.

Use your ISA allowance. If you are not already aware you can save up to £11,280 a year in a tax free savings account called an ISA. It means you do not pay any tax on the interest that accrues. For a cash only ISA you can put up to £5,640 into it each financial year.

The average UK household pays £3,900 interest on their borrowings each year. So consider maybe putting some of this onto a credit card that gives you an interest free period.

Check out mylostaccount which is a free service from the British Bankers Association, The Buildings Society Association and NS&I. This service allows you to trace your lost or forgotten savings accounts.

Don't get caught out. A number of savings accounts pay an introductory or short term bonus and then lower the rates. Regularly check your rates to make sure you are getting the best rates available and maximising your savings returns.

If you have credit card debt seriously consider switching it to one of the credit cards that offers up to 16 months interest free credit on any debt transferred and then use the interest saved to try and pay the debt off quicker. If you struggle to bugdet consider a prepaid credit card.