Your starter for 10. Would you like to save some money? Sometimes cutting your bills isn’t about knowing the right answers, it's about asking the right questions. So let me run you through my money test. Answer each of the following questions – it could add £100s or £1000s to your pocket.

Has your home got more or the same number of bedrooms than people?

If so, and you’re in England and Wales, check whether you can make big savings switching to a water meter (free to do, but not in Scotland). This is because water bills depend roughly on your home's value, while a meter's all about usage. This may be serious cash. As DenwantsJFT96 tweeted me: "Switched a few years back and now pay £45 a month less (that's £540 a year - ML). Plus it makes me more conscious of what I use. Fixed dripping tap." There’s a calculator to see if you can save at Ccwater.org.uk.

Do you go abroad at least once a year?

If so, there are a number of key things to consider:

A) If you holiday in Europe, check your European Health Insurance Card (EHIC) is in date – 3 million expire this year. Always use the official site www.ehic.org.uk.

Don’t Google – many sites charge when it should be free.

B) Get permanently perfect exchange rates worldwide. Most credit and debit cards add a hidden 3% load, so spending £100 worth of euros costs £103. Yet a few specialist credit cards are load-free, giving unbeatable rates. Though always pay them off in full every month, to avoid interest.

I keep mine in my overseas wallet (yep, I have one) and only use it for spending abroad. Full current best list at www.mse.me/travelcards.

C) If you go away at least twice a year, get annual travel insurance – you can do comparisons at moneysupermarket.com and confused.com. If you’re not online, supermarkets tend to give decent coverage.

Alternatively, the fees-free Nationwide FlexAccount (Nationwide.co.uk/flexaccount) gives free European cover up to age 73 as part of the account.

Is your mortgage rate higher than your savings rates?

With dismal savings rates, overpaying your mortgage wins for many. First check if your mortgage rate's higher than your after-tax savings rate. If your mortgage rate is higher than your after-tax savings rate, it pays.

Two big caveats: check there are no overpayment penalties. Plus always keep a few months' emergency cash aside.

The impact of overpaying can be enormous – just paying an extra £100 a month on a £100,000 mortgage at 4.5% saves £18,000 interest over a 25-year term. There’s an overpayment calculator to work out your numbers at www.moneysavingexpert.com/OverpayCalc •

Are you paying interest on your credit cards?

If so, see if you can do a balance transfer. This is when you get a new card(s) that repays the debts on other cards for you, so you owe it instead at a usually far lower rate. You’ll need a decent credit score to do it.

The longest 0% deal is Barclaycard 26mths with a 3.5% fee (barclaycard.co.uk/personal/credit-cards). If you can repay quicker, the Halifax card (halifax.co.uk/creditcards) at 15mths 0% with a 1% fee. All these cards are representative – meaning some won't get the headline rate. Full options at www.mse.me/balancetransfers.

The golden rules: a) Clear or shift again before the 0% ends or you'll pay the full APR, which can be nearly 20%. b) Pay at least the monthly minimum or you risk losing special rates. c) Don't spend on these cards – it isn't usually at the cheap rate.

Do you automatically renew your car insurance with the same insurer?

If so, this MoneySaving sin means you're likely paying way over the odds. Don't wait, check if you're overpaying now. Provided you haven't claimed, if the savings are big it could even be cheaper to cancel, pay an administration fee and get cover elsewhere.

To get as many quotes as possible in as little time, combine moneysupermarket.com and Confused.com, then add the big ones they miss, aviva.co.uk and directline.com. If you have more than one car, try admiral.com/multicar.

Other key tips are if you get third party because it's cheaper, try getting comprehensive quotes too as, bizarrely, sometimes it's cheaper, as selecting it makes insurers think you’re a lower risk. Plus young drivers consider adding a mature older driver (eg, mum or dad) as a second driver on your insurance, it can bring your premium down – though it's trial and error.

Have you planned what'd happen to your kids if you died?

It's not a pleasant thought, but it happens to some. So consider cheap level-term life insurance so there's money there if needed (help via www.mse.me/lifeinsurance). Write a will, especially if you have assets, to make sure those you want to inherit, do. This also enables you to specify your desired guardian for your children To do a will on the cheap, you can buy DIY if it's simple. If not, Which.co.uk has a cheapish will writing service.

Have you been with the same bank for over three years?

Don't whinge about your bank, ditch it. Right now fee-free Firstdirect.com is offering new switchers £100 and it has won every customer service poll I’ve ever run. You need to pay in £1,000/mth. There are other powerful options too, especially for savers. Full list at www.mse.me/bankaccounts

Are you nearing retirement?

An annuity is what most people buy with their pension fund to get a regular income until death. Yet many people make the mistake of just getting it from their pension provider.

A 65-year-old with a £100,000 pot may get around £5,000 a year with the worst payer, but could be £700 more with the best. Live to 90, that's £16,500 lost, so always check.

The golden rules for annuity getting are A) Always check what else is out there. B) Get a medical before buying it, in case you’ve an undiagnosed condition – if you do, while not pleasant to hear, it could mean you get a better rate. C) If not sure, get Independent Financial Advice, as this is often a one off transaction. So if you get it wrong, you can’t change your mind.