Five ways to bolster your budget without giving up on life’s luxuries, from RACHEL RICKARD STRAUS

Opening a new savings account used to be a faff involving paper forms and visit to a bank branch. Now you can do it in a few minutes, from the comfort of your sofa. Choose one of the top picks from our savings guru, Sylvia Morris in our independent savings tables and away you go.  Then you’ll be earning more money in the background without having to do a thing. And by shifting your savings from a stingy account, you can enjoy the satisfaction of knowing you’re no longer allowing your former miserly savings provider to profit from your hard-earned nest egg.

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You can set up a standing order in your online banking account. You just need the name on the account you’re sending to (presumably your own), the sort code, account number, how much you want to pay, and on which day of the month. If you’re not confident setting it up yourself, pop into a bank branch for some help.

Adding another percentage point can increase the size of your pension by a quarter by retirement, figures from financial firm Wealth at Work suggest. For example, if a 25 year old earning £40,000 per year paid the minimum amount permitted of 5 pc into her pension, and her employer paid 3 pc, she would have £198,683 by the time she retired at age 68. But if she paid in an extra 1 pc – and her employer matched it – she would have £248,353 – an increase of £49,670, assuming investment returns of 5 pc after fees.

Here at Money Mail, we are making some new year’s resolutions as well. As we enter our 59th year, our commitment to you has never been stronger. We promise to bring you everything you need to know to save more, make more and squeeze every drop of value from your hard-earned cash.

But here’s the thing. Many of the resolutions that will make the biggest difference to your bank balance do not have to be a slog. In fact, you could tick them off your list today and then put your feet up for the rest of the year.

And of course, cutting back on coffees and takeaways is nothing to be sniffed at, the savings can add up – and if you manage it, I salute you.

3) Increase your pension contributions

2) Set up a standing order into your savings account

6) Read Money Mail every Wednesday and Wealth & Personal Finance in the Mail on Sunday

So before you resolve to give up the occasional takeaway coffee that you really enjoy, or commit to giving up all take aways when you really look forward to the odd fish and chips supper on a Friday night, consider one of these resolutions instead.

If you have savings that you are unlikely to need for a good five to ten years, consider investing them rather than leaving them in a savings account. You’re likely to make more money from investment returns than from interest on savings. It may sound daunting, but getting started is straightforward. Start here with my six golden rules.

Ask your employer if you can increase the monthly amount into your pension by a percentage point or two – whatever you think you can manage. It’ll pinch a bit in the short and medium term but will make a huge difference to your lifestyle when you come to retire.

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