Feeling the pinch? Peopleschampion.com offers some remedies for the January cold.

Many of us are feeling the chill of January - and our finances are rather tight. Well, you are not alone if you are feeling the pinch.

According to research, 4.8 million adults in the UK are spending more than they earn - and stuffing the problem on a credit card. And 9 million adults only manage to break even at the end of every month - with no room left for savings for a rainy day.

Peopleschampion.com chairman Jim Spowart said: “Don't despair. Make an effort to scour the internet for savings. You can still save vital pounds on your domestic bills if you shop around.”

A uSwitch survey shows the average Briton spends £1,229 on essential items, £865 on non-essential items and £356 on debt repayments a month against a net income of £2,607… that leaves just £157 at the end of the month. So are you one of those struggling to get back on track?

Peopleschampion.com also found out that spending on non-essential items has soared 65% over the last decade - almost 2.5 times the rate of inflation and outpacing the increase in both net individual income (48%) and essential living costs (43%). I think this is a real wake-up call for many of us.

But many households can save over £1,500 on household bills. And Peopleschampion.com agrees that there are still ways to rein in your spending.

• Save up to £325 a year on your gas and electricity. At least 11% of people who switched dual fuel energy supplier with uSwitch.com between 1st February and 31st August 2007 saved £325 or more.
• Save up to£400 over 18 months on your credit card. Transferring a balance of £3,000 from a credit card with a typical APR of 15.90% switching to a card with 0% on balance transfers for 13 months with a 3% Balance Transfer fee and a typical 14.9% APR - a customer could save £396 on the interest payable. Saving calculated over 18 months with a 2.25% minimum payment.
• Save up to £200 a year on your home phone. At least 16% of people who switched home phone supplier between 1st June and 30th November 2007 saved £200 or more.
• Save up to £150 a year on your car insurance. At least 30% of people who switched car insurance provider using Peopleschampion.com between 1st June and 30th August 2007 saved £150 or more.
• Save up to £281 over 5 years on your personal loan. Transferring a balance of £10,000 from a loan with a typical APR of 7.8% switching to a low rate loan, such as Moneyback bank offering a typical APR of 6.7% - a customer could save £281 on the interest payable. Saving calculated over 5 years.
• Monthly interest payments on unsecured loans (such as credit cards interest payments, unsecured car loans) have increased from £26 in 1997 to £45 in 2007. So keeping shopping around for a better deal.
• Save up to £113 a year on your mobile. Results of 2007 YouGov online research of 4,072 adults showed that 21% of mobile users have switched network over a 12 month period, making average individual savings of £9.44 per month or £113.28 per year.
• Save up to £100 a year on broadband. Switching from the most expensive standalone 8Mb Unlimited broadband to the cheapest 8Mb Unlimited broadband with line rental saves £102 in a year (assuming previously paying standard BT line rental of £11 per month) and gives the added bonus of anytime calls to UK landlines and some international destinations.

That's £1569 in combined savings. So there are some things you can try. Of course, Peopleschampion.com is there to help find these savings. And, as ever, go and speak to your bank if you are facing real trouble. They have a duty to listen to you - and try and offer some help.

To compare and apply for the best rates for you, click here »

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