Experts share their tips for improving your finances without earning more

The new year is a good time to review your finances. Wesley Harrison, head of financial planning at wealth manager Benchmark, advises: “Writing down your regular expenses can reveal potential savings, such as cutting unused services and subscriptions or reducing spending in certain areas. Gerstler adds: “Having protection in place means that if something happens to you or your health, you can maintain your standard of living.” Boost your pension contributions Your retirement may seem far away, especially if you are young, but the earlier you start putting money into a pension, the larger your pot could be when you come to retire, plus you have more chance of overcoming losses in your portfolio. Harrison says: “Even a small change in interest rates can have a big impact on how much you pay over the term of your mortgage.” Don’t leave it late to get advice It is easy to set up your own savings accounts and there are plenty of investment platforms that will let you open an ISA or pension and you can arrange a mortgage directly with a bank, but it is important to shop around and seek support if you are not comfortable with managing your finances. Emma Sterland, chief financial planning director at wealth manager Evelyn Partners, says: “Many people only turn to financial advice late in life by which time most crucial decisions around retirement saving, investments or pension access have already been made.