Four big ways to save heaps of money

Take control of these four biggies and you'll save hundreds of pounds.

Many Brits still seem reluctant to get to grips with their financial situation.

In fact, according to a YouGov survey commissioned for Financial Planning Week 2009, over one in four of us are relying on winning the Lottery to help sort out our money worries.

Mmm. Given that there's just a one in 14 million chance of hitting the jackpot, these people could be waiting an extremely long time.

Financial Planning Week (7th-13th September) is an initiative organised by the Institute of Financial Planning. In a nutshell, it aims to encourage consumers to take some sort of positive action with regard to their own finances.

Anything that gets us to take a closer look at our money can only be a good thing. And you don't need to be rich or have a personal financial advisor to get started.

So stop waiting to win the lottery! Instead, get to grips with these four major money issues and make the financial changes you can control.

Find a cracking current account

Did your bank give you a shiny money box when you were little? Did your parents and grandparents bank at the same place? For all sorts of reasons, millions of us are loathe to switch current accounts, and prefer to deal with 'the devil we know'.

However, when it comes to banking, loyalty really doesn't pay. New customers are often offered fat financial incentives denied to existing customers, so sticking in one place means you could end up missing out.

The current account that's right for you will depend on your individual financial circumstances. For example, if you usually have a positive balance, look for an account with a decent in-credit interest rate. If you're usually in the red, an account with a large interest-free overdraft could save you a packet in interest payments. The Alliance & Leicester Premier Direct current account is quite good for both - it offers 6% AER on in-credit balances and a 0% overdraft for 12 months.

And if you're after cold, hard cash, both Alliance & Leicester and First Direct are offering you £100 just for joining up.

So, kick your crummy current account into the long grass and have a look around! Read The top five current accounts to find out more.

Start saving!

Do you have a rainy day nest egg? If you're not already in saving mode, you're taking a real financial gamble. Recent research from Yorkshire Building Society showed that if the average Brit was unable to work, his or her savings would last just 52 days.

Don't put it off any longer. Set up a savings account today, even if you can only afford to put away £10 a month. In this context, 'every little' really does help - and you'll be building a savings habit that will stand you in good stead in the future.

A good way to build savings discipline is to set up a regular savings account. You put the same, set amount away every month, and in return you bag a decent rate of interest. To find out more, read The best savings accounts for regular savers.

And for a complete, step-by-step guide through the whole savings process, follow our goal: Build up an emergency savings pot.

Take an interest in your insurance

Insurance isn't the most fascinating of topics. However, it's really important you make the effort to get covered and understand your insurance options inside out. If you don't, you may end up paying way over the odds. Or worse still, you may not buy the protection you really need.

There are hundreds of horror stories about claimants who've been caught out by policy exclusions, or people who've lost everything because they weren't covered by home insurance.

In fact, research from Halifax Home Insurance suggests that one in six people have no home contents insurance at all. That's despite the fact that one in seven of those questioned admitted they felt more at risk of burglary than ever since the economic downturn hit.

On the other hand, it's also worth making sure you're not paying twice for the same cover. A common example is the pricy insurance sold with mobile phones: If your home insurance includes personal possessions cover, your phone is protected anyway. Read Don't double up on cover to find out more.

In short, read the boring small print! And to save money on the right cover, follow our goal: Cut your insurance costs.

Make mortgage inroads

If you're a homeowner, you're probably sick to the bad teeth with the constant stream of 'are they, aren't they?' news stories about house prices. However, try to ignore all the hype and doom-mongering and focus instead on your specific situation.

For example, if you're on a tracker deal, your monthly mortgage payments will have fallen along with interest rates. According to recent research from Halifax, the average UK mortgage holder actually has 11% more disposable income than they did this time last year.

If you're one of the lucky ones, put that extra cash into overpayments on your mortgage, and save yourself a packet in interest payments before the base rate rises again.

Most mortgage providers will allow you to overpay by either 10% or £500 a month before hitting you with Early Repayment Charges - but always check with your own lender to make sure.

You can use the lovemoney.com overpayment calculator to find out how much you could save in the long run. And for more mortgage tips, follow our goal: Cut the cost of your mortgage and pay it off early.

Good luck!

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