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Do you feel like giving your finances a short, sharp shock? Is money tight, but you still fancy a summer holiday? Then read on, because these tips could save you thousands of pounds every year - gain with little pain! 1. Take in a lodger The government allows you to rent out a room in your home and earn up to £4,250 a year without paying tax. To find out how to earn over £80 a week, read on. Annual saving: up to £4,250 extra tax-free income 2. Buy cheaper insurance and investments Shop around for all types of insurance, including home, life, health, home, motor, travel or pet cover. Start by visiting our Insurance Centre. Do the same when buying investment, pension and protection plans, because the commissions paid to middlemen by these products can be huge. Visit our ISA Centre and discount brokers The Idol (Fool partner), Cavendish Online and Chartwell. Annual saving: thousands of pounds over the coming years 3. Give up smoking A pack of twenty cigarettes costs around £4.80 these days, so a 20-a-day habit costs roughly £1,752 a year. Visit No-Smoking Day for help and advice on ditching the dreaded weed. Annual saving: £1,752 for a 20-a-day habit 4. Switch your mortgage If you can switch your home loan without paying a hefty penalty, demand a better deal from your lender. If it refuses to play ball, check the Best Buys in the weekend papers, Teletext or online. After you've done your homework, visit our Mortgage Centre or a fee-free mortgage broker. Annual saving: £1,200 (based on securing 2% off an interest-only mortgage of £60,000) 5. Cut down on takeaways Two family takeaways per week at £20 each equals £2,080 a year, which could pay for a foreign holiday. Just one more night in the kitchen per week could save you over a grand a year! Annual saving: £1,040 a year 6. Take your own lunch to work It's easy to spend £5 a day on sandwiches, snacks and drinks, which comes to £1,200 a year, assuming 240 working days. It's easy to make a tasty lunch for a pound a day. Annual saving: £960 a year 7. Cut back on your satellite package A premium satellite package can cost as much as £50 a month. Do you really need all those extra film and sports channels? You could save £25 a month by switching to a basic bundle of channels. Annual saving: £300 a year 8. Cancel your gym membership Gym fees vary, but typically are in the region of £50 a month. Your local council-run pool will be much cheaper if you pay as you go. Annual saving: £300 (assuming you halve your fitness spending) 9. Pay by Direct Debit for discounts Bank clearing house BACS reckons that a typical consumer can save £169 a year by paying bills by Direct Debit. Also, paying by DD usually means better deals on loans, mortgages and so on. Annual saving: £169 10. Switch gas and electricity suppliers If you've not done this yet, you've missed out on big savings! Even if you have switched before, it's worth looking for a better deal. Pay by direct debit for the best discounts, and note that 'duel fuel' offers aren't always cheapest! Learn more here and visit Fool partner uSwitch. Annual saving: £150 11. Read a newspaper for free Most newspapers are available online, so why not read them for nothing? Alternatively, keep up to date with BBC News Online or Sky News. Take a book if you need something to read while commuting. As a special treat, you could treat yourself to your favourite Sunday newspaper as a reward for being frugal! Annual saving: £100-£250 12. Switch your Internet connection Changing ISP (Internet Service Provider) could save you a tidy sum, whether you have a broadband or dial-up connection. For broadband, check out ADSLguide and Fast4; for dial-up, try free 24-7.net, Myinternetpass Cards and One.tel. Also, ISP Review lists the top ten providers for all types of ISP here. Annual saving: £100+ 13. Switch your bank account Most traditional bank accounts pay puny rates of interest when you're in credit, and charge inflated interest rates on overdrafts. Learn more here and visit our Online Banking Centre. Annual saving: £100ish 14. Switch your mobile tariff Visit Switch with Which? to see how much you could save. Annual saving: £80 15. Find a better savings account As this article reveals, nearly six out of ten adults believe that they are not getting the best interest rate on their savings. Learn more here and here and boost your interest at our Savings Centre. Annual saving: £60 more interest (based on an extra 2% for a deposit of £3,000) 16. Switch your home telephone Most BT users should save money by switching tariff or provider. Check out this article, or visit Fool partner uSwitch. Don't worry, there's no re-wiring involved! Annual saving: £50+ 17. Use less energy You don't have to be an eco-warrior to use energy more efficiently! Learn how to slash your fuel bills at Save Energy and the Energy Saving Trust. 18. Cut down on alcohol
Annual saving: £650
It costs around £104 a week to run the typical private car – do you honestly need yours? If you do, find cheaper petrol at AA Petrolbusters. Read Terrific Tips For Motorists!, our guide to driving down the cost of motoring. Annual saving: will vary 20. Find cheaper holidays, flights, hotels and hire cars If you simply must have a holiday instead of paying off any pesky debts, check out travel websites ebookers, Expedia, Lastminute and Travelocity. Annual saving: will vary 21. Save on groceries Collect and use all the coupons and vouchers that you can lay your hands on. Some supermarkets will accept their rivals' vouchers - try it and see! Also, visit Fixture Ferrets to view all special offers from seven leading supermarkets. Annual saving: will vary 22. Use price-comparison websites Smart online shoppers use 'shopping robots' to buy cut-price books, CDs, DVDs, computer equipment and games, electrical appliances, electronic goods and so on. Visit Best Online Price, BookBrain, Checkaprice, DealTime, DVD Price Check, easyValue, Kelkoo, Pricerunner and The Price-Guide UK. Even better, why not borrow books for free from your local library? You can also borrow CDs and DVDs for a small fee too. Annual saving: will vary 23. Subscribe to your favourite magazines Sign up for annual subscriptions to get magazines delivered to your door at 25% to 75% off high-street prices. Try Countrybookshop, Greatmagazines, iSUBSCRiBE, Subscription, TheSimpleSaver and WHSmith. Annual saving: will vary 24. Don't buy extended warranties Extended warranties on electrical goods are often a complete waste of money. That's because they are usually hugely over-priced - yet modern appliances are becoming ever more reliable. You're better off self-insuring (creating a savings pot for emergencies and repairs). Learn more here. Annual saving: will vary 25. Claim all the benefits you can Visit free benefits-enquiry website EntitledTo, or call the Benefit Enquiry Line on 0800 88 22 00. Annual saving: will vary Don't feel you have to follow all of these tips faithfully - just do what works for you!