Whatever your situation, it's sensible to make the most of your day-to-day money.

It is always a good idea to keep track of your money especially if you are struggling to make ends meet. If you haven't done so already, you should take the time to work out where all your money comes from and where it goes - using a budget calculator might help you do this.

Try to make time to review your budget regularly. And remember to look at it again if your circumstances change or your debts start building up.

And don't just think about the present - thinking early on about how your needs might change in the future can help to prevent problems occurring later on. You could use an online calculator to help you do this.

If you are having problems with debts, it's better to sort things out sooner rather than later - or your situation could easily get worse.

How big is the problem? Make a list of all your debts - remember to include any borrowing, such as your mortgage and any credit or store cards, and other debts, such as any unpaid bills for example.

Check what could happen if you don't repay your debts - some will be a higher priority than others because the consequences of not paying them are so severe. For example, if you don't keep up payments on your mortgage there is a real risk that you could lose your home; if you don't pay court fines, you could be sent to prison.

Then you can start to think about which debts are the top priority for repayment and how much you can afford to pay off each week or month.

Contact all the people you owe money to as soon as possible and don't ignore their letters or phone calls. Explain the problem and how you intend to pay.

Offer to pay off the debt at an amount you can afford, even if it's only a small amount per week or month.

And think carefully before you borrow any money to repay your debts.

You can review your borrowing in more detail and get more information on how to tackle any debt problems by taking the FSA's Debt Test.

Make sure you claim any benefits or tax credits you are entitled to. You can find out how to do this by looking at the Directgov website.

And make sure you aren't paying any more tax than you need to - on your savings for example. You can also check this by looking at the Directgov website.

You could consider switching any savings or investments to get a better return - but remember to check whether you will pay a penalty for switching. Information comparing the different products on offer is widely available both on the web - eg the FSA's comparative tables - and elsewhere.

If you need to cut back on your spending, look for areas where you are confident you can really make savings. Set yourself targets and stick to them. But remember to be realistic.

You could consider switching to a cheaper supplier for basic services, such as gas and electricity, or for other major items of expenditure.

You might be able to save money by reviewing any loans or other borrowing. You could think about switching to a cheaper credit card or to a different mortgage for example. Again, you can find information on what's available both on the web - eg the FSA's mortgage tables - and elsewhere.

If you are having real problems with your money or would like some help with sorting things out, you could think about speaking to an adviser.

This information is provided by the Financial Services Authority, the UK's financial regulator. It does not provide financial or other professional advice.
If you want advice specifically tailored to your personal circumstances you should consult an adviser.

The FSA is completely impartial and does not endorse or recommend any individual financial firm, product or service and take no responsibility for any information or advice provided by any other person or organisation.

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