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The new year is traditionally a time when people take a step back, and analyse what positive changes can be made in their life. In these uncertain economic times, concerns about personal finance have become the main priority for many people. Surveys by leading price comparison websites GoCompare and MoneySupermarket have revealed that almost half of those making new year’s resolutions made sorting out their finances the number one goal for 2012, overtaking “getting in shape” as the most popular resolution. This is hardly surprising, with unemployment rising, personal debt soaring, and pensions shrinking.

The gloomy financial outlook in the UK looks set to continue for the foreseeable future. The FTSE 100 index of leading shares on the London Stock Exchange ended 2011 nearly 8% lower than at the start of the year, unemployment has risen to its highest level since 1996, and house prices fell across many areas of the UK last year and are predicted to continue their decline. On top of this, average weekly earnings are up just 1.9% in a time when inflation stands at 4.2%. Overall, 2012 is looking like being another tough year for the majority of Britons, so it is now more important than ever to ensure that your personal finances are under control.

Many of those questioned stated that they aim to reduce their financial burden by making savings on outgoings. This includes cutting back on non-essential expenses like gym memberships, which are often very costly but underused by a large number of people. There are often cheaper (or even free!) alternatives to many activities that are worth considering, and taking a bit of time to plan ahead can ensure that your money is used as effectively as possible. More economical eating habits can also help to save money, as takeaways can quickly take up a large chunk of your hard earned cash if eaten too often, when it is possible to cook equally delicious, and more healthy food at home for a fraction of the cost. Taking a packed lunch to work instead of buying it can also be an easy way to reduce your outgoings, as can cycling and walking when possible instead of driving or taking the bus.

Prioritising your spending and proper budgeting can really help to sort out financial problems, ensuring that you can pay all your bills on time and maybe even have some money left at the end of the month to pay off some debt, or set aside in a savings account. One of the best ways of saving money is to ensure you are getting the cheapest possible deal on your insurance, credit card, utility bills and other financial products. Remember that loyalty will not normally be rewarded by most banks, insurers or energy suppliers, with the best deals often only available to new customers. It is therefore nearly always possible to save money by switching, so make sure that you shop around to get the best deal. The savings will soon add up!