Laying by the pool or lounging on holiday gives you the chance to do a quick and simple financial MOT – follow these steps and you could save yourself hundreds.

1 - Check your credit record

Your credit can give you access to the best current accounts, credit cards, loan or mortgages rates and more, so check your:

Credit score – This gives you an idea of the overall health of your credit. This can be split into tiers, showing whether you have an excellent, good, ok or poor credit record.

Credit report – This gives you details of your finances, where you have your accounts, what debt you have, whether you have missed any payments on any credit commitments.

If you spot something that is wrong, or needs updating, make a note to report it when you get back home.

2 – Find a better current account

Do you use your overdraft and get charged for it? Switch to a current account with a free overdraft (some last up to 12 months). If you only use a small overdraft, like £100, you could switch to an account with a charge-free buffer overdraft instead.

Also consider whether your current account is making you money? Some accounts pay you monthly to have your salary paid into it. You could even switch to a high interest current account, and earn interest on the money your account.

3 – Save on your credit card

Are you paying interest on your credit card? Get a balance transfer deal and move your credit card debt to it and stop paying interest. You could find an interest free period up to 3 years, just watch out for transfer fees as they can vary.

4 – Earn more on your savings

Are your savings stuck in a low interest savings account? Look for the highest interest rate that gives you the access you want to your money and switch, and avoid tying your money up if you think you’ll need it.

5 – Save money with a simple utility switch

Have you checked if you’re on the best energy deal? It doesn’t take long; just enter your postcode into an energy comparison to find out how much you could save by switching. If you like what you see, enter your correct meter readings when you get home and make the switch.

6 – Check your broadband deal

Have you been with your broadband supplier for a while? Most deals last between 12 to 24 months, so if you’ve had your broadband package for longer you could switch to a better deal. Use a comparison site to check the deals available in your area using your postcode.

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