GIVE YOURSELF A 10% PAY RISE

A simple financial MOT can save you £1000s a year - take a look at the different areas where you can make savings below.

Gas & Electricity - £240 a year

An estimated 1 in 4 people still pay their utility bills quarterly by cheque. However by switching to Direct Debit, you could save up to £240 a year on your bills. Also take a look at QuidCo - which offers up to £60 cashback if you sign up to British Gas dual-fuel tariffs through their site.

Food Shopping - £750 a year

Check out Mysupermarket.com, where you can directly compare the major supermarket's prices online, and get advice on how to find cheaper alternatives to your usual brands. You could save up to 10% - £750 a year off a weekly £144 shop.

Home & Broadband - £140 a year

Use internet, phone and digital TV from different providers? Bundle these services from a single supplier, such as Virgin, Sky or BT, and you could save a packet.

Phone Calls - £79 a year

Use internet phone packages such as Skype - they're great for UK calls as well as international ones. Skype offers free calls to landlines in Britain for a monthly flat fee of £1.95.

Offset Your Savings - £1,190 a year

Offset mortgages allow you to set your savings against your borrowings to reduce your repayments. You give up earning interest on your savings, but you are effectively you are saving interest on the mortgage, which is tax-free. On average a savings account would have to offer an 11% savings rate to beat the money saved by offsetting your savings.

Mobile Phones - £160 a year

Are you using all your minutes and texts? Check - and if not, switch to a cheaper tariff now. Even better, sign up for the tariff via QuidCo and get a further £40 cashback.

CashBack - £180 a year

Do you spend around £1000 a month on credit cards, and pay off the balance on time each month? Then earn 'free money' and sign up for a cashback credit card - where you get a percentage back on all purchases - typically 1 - 4%. Try American Express or Capital One.

Grab a Grant - £1,195 a year

Reduce the cost of childcare by using vouchers available from your employers - each parent can buy £55 a week in vouchers out of gross income to pay for care for their children up to the age of 16, tax-free.

Insurance - £1,010 a year

The cost of life cover has plunged by 40% in the past 5 years, and great deals can be found on car and home insurance as competition intensifies. Shop around and you could save over £1000 a year.