There is never time to relax when it comes to making sure you do not pay more than you should. The New Year is no exception and there are financial traps for the unwary that can cost hundreds of pounds.

HMRC expects to make £1.2bn next year from late payment interest from taxpayers. Lots of us will be fined £100 for not filling out annual tax forms before January 31 and much more if they do not get round to it the following months - even if no tax was owed.

More importantly some two million couples are missing out on the marriage allowance that is worth £252 a year that can be backdated to 2020.

Water bills are set to rise in April but there is time to save money by opting for a water meter and to check what free water-saving kit your water company is offering.

Council tax will also increase in April, but many households are paying too much.

Zero interest credit cards can also save lots of money so long as payments are made on time and in full.

It is time to act.

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Shopping is no longer fun. It is hard work to make sure you do not pay too much or get misled into buying things you do not need or want.

Loyalty prices add to the complications and are unfair to shoppers without smart phones or a loyalty card.

Comparing prices should be easy but stores choose to provide inaccurate unit information that is difficult to compare.

We need to take a list, plan our meals, check all prices are what they seem.

Money can be saved and it is very satisfying to find the best value in a packet on the bottom shelf of your supermarket.

Keep space in your freezer for items on their last day that have yellow stickers cutting the prices. Think about cashback and bulk buying.

Put yourself back in control of your shopping.

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We are being beseiged with Black Friday offers everywhere we look. Most of them do not deliver what they promise. But if there is something you need or really, really want make sure you do your research to make sure you are not scammed, charged too much, or sold something that is not worth what you are paying.

While you are doing the research you can also prep by selling some of the items in your wardrobe, spare room, kitchen or garage that you no longer need or like. It is easier than ever before to sell old clothes, toys, kitchen equipment and earn much more to fund new purchases.

Fraud increases during the Black Friday big sell. Pay with your credit card to protect yourself and remember if the price seems to be good to be true the item either does not exist or is not as described.

And remember if you do not buy anything during the extended Black Friday sales you have savedc 100%.

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The pandemic and cost-of-living crisis have caused many people to make very difficult decisions about their spending to be able to keep within their stretched budgets. But an alarming number of workers need to look at their spending again if they are to avoid a poor old age.

Up to 25% of workers stopped paying into their pensions to increase their take home pay, according to one survey. This also had the effect of saving their employers money as well.

Times are still hard. But as the state pension is the worst in the developed world, workers need to invest for their old age and to make sure they do not miss out on their employers' pension contributions and the generous tax relief available.

Pensions are a key part of our wage packages and many companies will help employees to catch up with their pension pots. In just the same way as employers pay employees different rates of pay they may pay more into individual pensions as this helps to keep the beneficiaries loyal. If you don't ask you don't get.

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It has never been more important to make our money go further. Inflation may have reduced, but we are still paying a lot more for our food,energy and homes.

One way open to us all to make money is to sell stuff. It may be old clothes, old books, games, tech toys, kitchen equipment, in fact anything you have finished with.

Remember we typically wear less than half the clothes we own. We have wardrobes, chests of drawers, and rooms full of items that could boost your bank balance.

Every household has stuff that can be sold.

It is straightfoward to set up as an online seller, and surprisingly addictive. There are no selling costs with most sales, and there should be no tax to pay either.

Selling can make a big difference to our family budgets and as a bonus make space in our cluttered homes.

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Fraud is an increasing problem in the UK made worse by the closure of thousands of bank branches. Banks are now required to pay compensation up to £85,000 within five days when criminals defraud their customers.

But as banks try to reduce their potential compensation bills it is becoming more difficult to make bank transfers and open new accounts, especially if your bank has closed the local branch.

It may be worth opening a second bank account that gives you local access to your money and the help of banking staff.

Mobile phones, internet businesses, social media and the way we shop online make it easier for criminals, and the banks on the hook for our fraudulent losses are upping their game in providing information about what to watch out for.

Essentially we should trust no one especially if they call on your land line, sound friendly and say they are from your bank; and never allow yourself to be rushed to make a payment.

My bank has twice got in the way of transactions I wanted to make. It was annoying at the time but if the deals had been dodgy they would have saved me from being defrauded before compensation became compulsory.

We need to make sure we understand the rules that our banks impose on interbank transactions before we have to make a transfer. If possible visit a bank branch.

If you are making a payment to a new payee then send a small amount as a test transfer. Read the small print when buying online.

It is also important to tell actionfraud.police.uk if your are defrauded. It may help them to warn others of a new danger.

Most importantly taking time may save you from repenting at leisure.

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Supermarkets make it difficult for us to get the best value for our money. They game us with their loyalty cards, special prices, extra points, yo-yo pricing and price matching.

The last quarter of the year is the most profitable for them.

We all need to work hard to make sure we are not made fools of by attractive displays, misleading prices and two tier pricing.

Shopping takes a little longer, but you can save a lot more by checking prices and trying own and basic brands than you will by being seduced by the loyalty card prices.

And you will soon see the patterns of when prices are increased. Big shopping baskets at the end of the month are likely to be more expensive than mid month because shoppers are less price conscious when they have just been paid, and the stores know it.

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The way we work has changed in recent years and employees are set to get more opportunities to make work work for them and their families.

Compressed four-day weeks will give employees the chance to complete a full working week in four days and continue to earn their full salaries. They will also be able to save big money as they are more productive for their employers.

Working from home saves big on travel costs and a four-day week allows parents to cut their child care costs by thousands of pounds a year as well as cutting commuting costs.

You may also be able to claim the cost of working from home from your employer or HMRC.

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