Most money stress doesn’t come from one big mistake. It comes from lots of small things quietly ticking along in the background.
This is a once-a-year money check.
It takes about 30 minutes.
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No spreadsheets, no guilt, no pressure to fix everything.
You don’t need to overhaul your life.
If you sort one or two things, that’s already a win.
So, grab a pen and paper, or get the notes app open on your phone and start making a list.
Overview
- Takes about: 30 minutes
- How often: once a year
- Goal: make sure you’re not paying more than you need to
- Rule: you don’t have to fix everything
No guarantees, but if you’ve got the lot and it’s been a while since you checked any of it, there could be around £1,200 a year sat there waiting to be saved.
Home insurance (often £20–£150+ a year)
Insurance prices have a habit of creeping up at renewal. Check the new price, what you’re covered for, and whether anything has changed since you last set it up.
Savings often come from shopping around or realising you’re paying for cover you don’t actually need anymore.
What to check:
Look at your renewal price and what you’re covered for (especially valuables, accidental damage, and excess). If it’s jumped up, don’t assume that’s “just how it is”.
Where the saving comes from:
- Shopping around
- Making sure you’re not over-insured
- Buying buildings + contents together can be cheaper for some people
Rough saving:
MoneySuperMarket says you can save up to £193 when you compare quotes.
They also found people who bundle buildings + contents can save £64 (18%) on average.
Car insurance (often £50–£200+ a year)
Renewal prices are rarely the best deal. Even if you stay with the same insurer, checking elsewhere gives you a stronger position.
For many people, this is one of the quickest wins on the list.
What to check:
Don’t just accept the renewal. Even if you like your insurer, check the price elsewhere.
Where the saving comes from:
The renewal quote is often not the best price you can get.
Rough saving:
Confused.com found drivers who didn’t accept their renewal price saved £77 on average by shopping around and switching.
Energy bills (often £50–£140+ a year)
Check what tariff you’re on and when you last looked at it. If you’ve done nothing for a long time, it’s worth a review.
Savings here depend a lot on your home and usage, but it’s still one of the biggest bills most families have.
What to check:
Are you on the standard tariff (the default one) or a fixed deal? If you’ve done nothing for ages, it’s worth checking.
Where the saving comes from:
Sometimes there are cheaper deals than the price cap for your usage.
Rough saving:
Ofgem has said savings of up to £140 were available by switching at the time of its price cap announcement.
(Your saving varies a lot here, because it depends on your home and how much energy you use.)
Broadband (often £60–£105 a year)
Out of contract usually means overpaying for the same speed.
A quick check can often bring the price down without changing how you use the internet at all.
What to check:
If you’re out of contract, you’re usually paying more for the same thing.
Where the saving comes from:
Switching to a new deal (same speed, lower price).
Rough saving:
Which? found the average broadband customer could save £105 per year by switching to a new provider.
They also found TV + broadband customers could save £160 per year on average by switching.
Mobile phone contracts (often £100–£350 a year)
If your phone is paid off, you shouldn’t still be paying a full contract price.
Moving to a SIM-only deal while keeping your handset is one of the biggest quiet savers for a lot of people.
What to check:
If your phone is paid off, you might be paying full whack for no reason. A lot of people stay on a pricey contract out of habit. If you get a mid-contract price hike, that also give you the option to leave.
You can switch mobile networks without losing your number.
Where the saving comes from:
Moving to SIM-only and keeping your handset.
Rough saving:
Ofcom found it was about 25% cheaper on average to buy a SIM-only plan and use it with a separately bought handset.
Uswitch has published an average annual saving of £351 for people moving from an ending handset contract to a SIM-only deal (based on their calculations).
TV and streaming (often £8–£25 a month each)
These stack up without you noticing. List what you pay for and ask one question: did we actually watch this?
Even cancelling one service at £10 a month puts £120 back in your pocket over the year.
What to check:
List what you pay for and ask, “Did we actually use this last month?”
Where the saving comes from:
Cancelling even one service, or rotating them (one month on, one month off).
Rough saving:
This one is simple maths: whatever it costs you now × 12. If you cancel one £10/month service, that’s £120 a year back in your pocket.
(And yes – lots of people are cancelling: YouGov reported many UK consumers have cancelled at least one streaming service in the last year. )
Life insurance (often £20–£100+ a year)
Life changes. Policies don’t always keep up.
If your mortgage, family, or health has changed, it’s worth checking whether your cover still fits and whether you’re paying for things you no longer need.
What to check:
Does it still match your life? New baby, mortgage changed, split up, paid off debt, stopped smoking – any change can mean your cover isn’t quite right.
Where the saving comes from:
Making sure you’re not paying for cover you no longer need, or checking if a better deal exists.
Rough saving:
This varies massively, so the best “estimate” is: if your life has changed since you last set it up, it’s worth a check.
Pet insurance (often £30–£150+ a year)
Pet insurance premiums often rise quietly each year.
Check the excess, what conditions are covered, and whether the policy still suits your pet’s age and needs.
What to check:
Premiums can creep up. Look at the excess, what conditions are covered, and whether it still suits your pet’s age and needs.
Where the saving comes from:
Comparing like-for-like cover, and checking you’re not paying extra for bits you don’t need.
Rough saving:
Varies a lot, but this is a classic “quietly rising bill” that can be worth checking yearly.
Bank account and card fees (often £60–£240 a year)
Monthly fees are easy to ignore because they feel small.
Packaged accounts and add-ons can cost £10–£20 a month. If you don’t use the extras, that’s money going nowhere.
What to check:
Are you paying a monthly fee for a “packaged” bank account or add-ons you don’t use?
Where the saving comes from:
Dropping down to a free account, or cutting add-ons.
Rough saving:
MoneySavingExpert says packaged bank accounts are often £10–£20 per month.
That’s £120–£240 a year if it’s not earning its keep.
Gym or memberships (often £100–£500+ a year)
If it hasn’t been used for months, it’s not “motivating”. It’s just expensive.
This is one of the most emotionally annoying ones to cancel, but also one of the biggest reliefs when you do.
What to check:
If you haven’t been for months, it’s not “motivating” — it’s just expensive.
Where the saving comes from:
Cancel, pause, or move to a cheaper option you’ll actually use.
Rough saving:
One UK figure puts the average gym membership at £47.24 per month.
That’s about £566 a year if it’s going unused.
Simple way to finish this in 30 minutes
- Write the list down (or copy/paste them)
- Next to each one write: “keep / check / cancel”
- Start with the easiest “check” first (usually broadband, phone, subscriptions).
You’re allowed to stop halfway and come back later, and you don’t need to switch everything.
In fact, you might find you need to add a date to your diary and do some at other points in the year depending on contracts.
Quick savings table
| Expense | Savings over the year |
|---|---|
| Home insurance | £20–£150+ |
| Car insurance | £50–£200+ |
| Energy | £50–£140+ |
| Broadband | £60–£105 |
| Mobile phone | £100–£350 |
| Streaming | £120+ per service |
| Life insurance | £20–£100+ |
| Pet insurance | £30–£150+ |
| Bank fees | £120–£240 |
| Gym | £100–£500+ |
(Savings depend on what you’re paying now. These are typical ranges, not definites).
You made it!
Saving money doesn’t always mean cutting back on life.
Sometimes it’s just checking the things that quietly renew.
You don’t need to fix everything.
If you sort one or two things, you’re already better off.
Saved a few quid with our tips?
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