Useful tools

No-one can consistently spend more than they earn. Also, you can't even begin to sort out your finances unless you've done a detailed budget and you understand where your money goes.

Setting a budget for your personal finances is an essential start – always compare what you actually spend with how much money you earn.

There are three ways of achieving this:

Cash budgeting – our grandparents knew best. When you receive income draw it out as cash and spend only what you have in your pocket  Running total - write down each day how much money you have received and how much you have spent Online – keep track of your daily spend online if you have Internet banking

On the sidebar to your right, we have provided two types of Budget or Cash Flow tracker spreadsheets that you may find helpful in keeping track of your income and outgoings.

Don't forget the following:

Budget for irregular bills such as car repairs or emergency plumbers, etc.Direct Debits sometimes (not always) give you small discountsAlways save some money for rainy days (unexpected bills or a drop in income)Change spending habits if they get you in troubleEducate your family about managing moneyThink carefully about your purchases - do you really need itSeek help immediately if debts pile up [click here for help]

Finally, when you spend money, don't forget to . . .

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