IF YOU have found yourself wishing you were better off or less stressed about money in 2016, making five simple financial resolutions for 2017 could have the same effect as receiving a substantial pay rise.

One is to keep better track of your finances. The more knowledge you have about your spending, the easier it will be to keep it under control. Draw up a list of essential fixed expenses starting with mortgage or rent, council tax and power bills.

Work out how much is left every month and set aside sums for other essentials such as food, transport and any debt repayments, then divide what remains between non-essential spending and savings.

Go online to check your bank account every few days, including pending transactions, so you know which payments have gone out and exactly how much is available to spend.

Co-op Bank puts the average monthly cost of unauthorised bank and building society borrowing at £53, so never go overdrawn without permission and ensure any agreed overdraft is used for emergencies only.

A second resolution wold be to pay less interest. MyCreditMonitor says two-thirds of people do not know their credit card interest rate. Make a list of any card or other non-mortgage debt, including the exact balance and rate – if necessary contact the provider to find these out.

Check for early repayment penalties, then use comparison sites to discover how much you could save over the entire debt term by switching providers.

This could involve moving store or credit card debt to a zero per cent transfer card. Barclaycard, Halifax, Virgin and MBNA all have cards giving more than 40 months interest free to clear existing balances, but remember to take transfer charges into account.

Alternatively, it may make sense to consolidate everything into a single personal loan. Hitachi, Cahoot, Ikano, M&S Bank and Zopa will lend £5,000 over three years at less than four per cent a year.

According to the Money Charity, average interest rates stand at 19.7 per cent for overdrafts, 18.3 per cent for credit cards and nine per cent for £5,000 loans, so the annual savings could run to hundreds of pounds.

If your financial record is not good enough to get the best rates, contact a local credit union – they offer low-cost borrowing to members regardless of their credit history.

Devote every spare penny to repaying what you owe, targeting the debt with the highest rate first. And vow not to borrow again unless it is absolutely unavoidable – in which case, make sure it is interest-free or at the lowest available rate.

A third resolution is to always shop around. If you are paying a standard variable mortgage rate, ask your lender about cheaper deals. Then use an online comparison service or independent broker to find out if you could do even better with another provider.

Everyone from mortgage lenders to insurers and energy providers reserve their best prices for new customers, while existing ones are frequently penalised for their loyalty, so promise yourself never to auto-renew again.

Note in your diary when fixed-price energy deals or broadband and phone contracts end and insurance policies are due for renewal. Spending an hour or two in the preceding weeks looking into alternatives could save thousands.

Number four is to never waste money. It is vital to have insurance for your home and car. It also makes sense to have cover for pets, for when you travel and, if you have dependents, to take out a life policy. But do not pay for insurance you do not need.

Cover for mobile phones and other gadgets is generally a waste of money, as these can be protected far more cheaply through a contents policy. If they are not already included, it should not cost much to add them.

Insuring boilers, kitchen appliances and other electrical goods tends to be a false economy too, as most people pay far more than they get back. Consumers’ organisation Which? says the majority of faults are apparent within the guarantee period and putting away a proportion of the monthly policy cost will soon create a fund for later repairs and replacements.

Anti-waste charity Wrap calculates that throwing away uneaten food costs the typical UK household £470 a year, rising to £700 if they have children. Slash this by planning each week’s meals in advance, writing down what you need and sticking to this list.

Never shop on an empty stomach – it will be harder to resist overspending. Do as much as possible in cheaper supermarkets such as Aldi and Lidl – the quality is generally very good – and shun premium brands. Ignore special offers unless you need the item and use more expensive shops only for things unavailable elsewhere.

Do not bin food just because it is past the ‘best before’ date. This is only a guide, so trust the evidence of your eyes and nose – if something still looks and smells good, it can probably be enjoyed for several days longer.

Always think twice before non-food purchases. Be sure something is what you really need, affordable and at the best possible price before committing yourself. Try selling items you no longer require on eBay or similar local sites.

Keep a close eye on throwaway spending, such as teas and coffees, readymade sandwiches and takeaways. Work out how much these cost over an entire year – the total may shock you – and replace a proportion with home-prepared drinks, meals and snacks.

Finally, be more prepared. Everyone needs a rainy-day fund, ideally equivalent to at least three months’ earnings. Once debts and other spending are under control, get into the habit of putting anything left at the end of the month into a savings account.

When you have enough to cover unexpected bills and other emergencies, move onto saving for other objectives, such as holidays, a new car or building a healthy retirement fund.