BY ALEXANDRA MORGAN

The vast majority of adults expect this year to be as hard - or even harder - financially than 2014. But by resolving to pay a little more attention to what they spend their money on, life could actually get quite a lot easier.

Only one in ten adults think they will be better off than they were last year, according to the Money Advice Service. The rest anticipate that things will stay the same or become tougher, because of inflation and the lack of decent pay rises.

In fact, most people could increase their wealth considerably by making simple changes to their financial habits.

Jane Symonds, a spokeswoman for the Government-backed advice provider, said: "Managing finances better and thinking about ways to reduce spending are great New Year's resolutions - whether you are making them out of necessity, or to free up a little extra cash to spend on the things you enjoy.

"We have a range of tools on the Money Advice Service website, such as our budget planner, which makes it much easier to plan your outgoings in 2015.

"We also have a cutback calculator, which can show you where you can free up some extra money - and just how much you can save over a period of time."

Spending just a few hours reviewing your financial products and switching to more competitive deals could put thousands of pounds back into your pocket.

Most homeowners' biggest expense is their mortgage, so check the rate you are paying. Even a small reduction could have a significant impact on your monthly outgoings, so use comparison websites or consult an independent broker to review your options.

MoneySupermarket.com calculates that someone switching a £150,000 loan from the average standard variable rate of 4.53 per cent to Chelsea Building Society's two-year fixed rate of 1.38 per cent would save £2,168 annually over the term of the deal.

Remember, though, to find out if you will face an early repayment penalty and how much this will be before committing to a new lender.

Drivers and homeowners can often make considerable savings by changing insurance providers at renewal time. MoneySupermarket says motorists could save up to £238, while shopping around for home insurance could cut the annual cost by £70.

Many people face higher energy bills this year as several popular fixed-term tariffs have just ended. Comparison site uSwitch.com says those who fail to act will pay an average of £78 more.

ScottishPower, SSE, EDF Energy, Npower, M&S Energy and iSupplyEnergy had fixes that expired on December 31. Customers on ScottishPower's Online Fixed Price Energy December 2014 will see the biggest increase - £145 a year - as a result of being moved to its standard tariff.

Despite the wide variation in energy costs, six out of ten consumers have never switched suppliers. Those who do so now could save an average of £228 a year, according to uSwitch. Even those who have swapped in the past could find it worth doing again.

Whether you are switching or not, have a look at your energy account balance. Gocompare.com says six out of ten direct debit payers are in credit by an average of £96. If you are among them, provide an up-to-date meter reading and claim a refund.

Reviewing your debts could save hundreds of pounds in the shape of lower interest payments.

MoneySupermarket says someone switching a £2,000 balance from the average credit card, charging 17.76 per cent, to Barclaycard's Platinum card would have no interest to pay for 34 months, making an annual saving of £249 after the transfer fee.

If you plan to take out a personal loan, be sure to shop around. Someone looking to borrow £5,000 over five years would pay £100 less annual interest with Hitachi Personal Finance, which charges 5.3 per cent, than with a loan at the average market rate of 8.7 per cent.

Look too at where you keep your money. Switching to Halifax's Reward current account, which pays new customers £100 cashback and gives those who comply with its terms of use a monthly reward of £5, could be worth £160 over 12 months.

If you have savings, make sure they are working as hard as possible. The typical instant access account pays just 0.41 per cent interest, and the Revenue will take a fifth of that unless your total earnings are below the tax threshold, reducing what you get to 0.33 per cent.

Switching £10,000 to an AA Internet Extra account offering 1.4 per cent could generate an extra £99 in interest.

A cash Isa - where the interest accumulates tax free and rates range up to 2.5 per cent for accounts offering limited access - would be an even better home for money unlikely to be needed at short notice.

Check your account statements for payments going out to clubs and subscriptions you no longer use - and cancel them before they cost you any more.

Think too about how small changes to other aspects of your spending could lead to big savings. Replacing £3 of ready-made sandwiches and takeaway drinks every weekday with homemade alternatives costing £1 would save over £500 a year.

To avoid wasting money in the supermarket, plan meals in advance, always make a list and never shop hungry. For all other purchases, resist buying on impulse, and get into the habit of using price comparison, voucher code and cash-back websites.

Dan Plant, MoneySupermarket's consumer expert, said: "Apathy is rarely rewarded, so taking time to compare the deals you are currently on and switching to a better one could be the best resolution you make in 2015.

"With wage increases still rare, and the cost of running a household still high, it could be the best time invested in order to give yourself a pay rise."

To find out more about making your money go further, visit Moneyadviceservice.org.uk.