It also means that your budget is a true reflection of your situation as it is right now. This'll help you spot areas in your spending where you can save money. That's why it's important to regularly review your budget. The price of food, household bills, travel and other living costs can increase over time. This way you won’t go over budget as you can only spend what you’ve got. If you’re going shopping or having a day out, take the amount you can afford to spend with you in cash and leave your debit card at home. Using cash will help you control your spending.

Check you aren’t still paying for any services you don’t use any more. Check your direct debits If you pay things by direct debit make sure you know what you’re paying for. By doing this you’ll be able to check that there’s enough money to cover your direct debits or bills. Make sure you’re checking your bank account regularly. Even if you only save a small amount each month you’ll find that it quickly adds up. You should consider saving some money every month as this will help you budget for any emergencies, or will help you plan for a secure financial future. You can put this money away each month until the expense or bill is due. Work out how much you spend over the year on these then divide that amount by 12.

Some expenses only happen occasionally, such as Christmas. It clearly shows you your income and what you need to spend money on each month. Making a budget is the first step to managing your money. These are our top money management tips, to help you stay in control of your finances. Money management is essential whether you’re in debt or just juggling your household costs.

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