With all of us watching the pennies and being careful with what we spend these days, it can often be difficult to justify that extra gift or new tv. But with a few simple steps you can save a reasonable amount of money and use the extra windfall for a holiday or to improve your home, or to wisely save! Here are a few simple tips on how to stop the credit crunch being a burden as we start a new New Year.

Insurance renewals ? Whether it's home, life, health or car insurance, you need to make sure that you're getting the best deal for your money. Shopping around for the best quote and trying reputable providers like The Cooperative will keep down the cost of renewing to a minimum. With home insurance you can keep the premium down by securing your home with double glazed windows and installing a recognised alarm.

Loans ? If you're looking for a loan, now is a good time to do it. With many companies lowering their interest rates and competition for your custom fiercer than ever, you can find a great deal if you do your research. The Bank of Scotland offers an 8.6% loan, with homeowners able to get 8.5% from paragon. Whether it's secured or unsecured and for whatever reason, if you're lucky enough to be able to afford repayments in the current economic climate then you should look to take advantage of the loans on offer.

Utility Bills ? Probably the best and easiest way of saving money is to make sure that your utility bills are kept as low as possible. From making sure that you turn off lights when you leave a room to shopping around for the cheapest energy provider, you'll be amazed at how much you can save. And turning things off means off, not just on standby, as that uses a lot of electricity too.

With just a few simple steps and a little investment of your time you'll be able to cut down on your expenditure on insurance and bills to free up some much needed extra cash to pay off bills or treat yourself to something special. Good luck!