Keep Finances Under Control

• Keep a closer eye on spending. Write down regular payments and highlight those where you might be able to get a better deal (e.g. insurance, telecomms, gas, electricity). Be realistic and tackle one each month.
• Keep a spending diary - write down everything (from groceries to impulse buys, coffees and lunches). Having to record it will help you resist spending.
• Overspent at Christmas? Don't worry over the past - do something about getting back on track. Put a plan in place, working out how you pay off the credit card debt or get your current account in the black.
• Try a month of only spending on essentials - will do wonders for your bank balance.
• Try a month without using cards. Withdraw what cash you will need for seven days and budget to stick within this. Opt for self-scanning at the supermarket or take a calculator round with you.
• Comfort spending seems good at the time - but the pleasure is soon gone.
• Compulsive spender? When the voice in your head says 'let's go shopping' try diversion and delaying tactics - make a cup of tea, read a few pages of a book.
• Track down old savings accounts at mylostaccount.org and lost pensions via the Pensions Advisory Service.
• Check direct debits and standing orders and cancel any you no longer need.
• Plan any big spends (home improvements, holidays, big occasions) and start budgeting and saving for them well beforehand.
• Gym or health club membership can be expensive and are too often under-used. try cycling or walking to work each day - get fit and get a better bank balance at the same time.

Feature in Good Housekeeping, January 2014