You may feel your money has become stretched in these difficult times. Budgeting helps you see how much money you have coming in, how much is going out and where you can make savings.

Make sure you’re making the most of your income by shopping around or finding out if you are eligible for benefits or financial support. Find out what to consider if you need to cut back.

If you’re thinking about stopping or reducing your insurance cover to free up some cash, consider how you’d cope if things were to go wrong. And remember that motor insurance is required by law if you are a driver in the UK.

It’s natural to be worried about redundancy and what might happen if you lose your job. Check out our steps to help you take control of the situation if it happens to you.

If your employer wants to make staff redundant there are rules about how they should go about this. There’s also help for you from the Advisory, Conciliation and Arbitration Service (Acas) for England, Scotland and Wales, or the Labour Relations Agency (LRA) for Northern Ireland, which offer confidential, impartial advice. Also see our Losing your job guide for more information.

If your mortgage deal is coming to an end, shop around for a competitive deal and use our mortgage comparison tables to see what’s on offer. If you need help you can talk to a mortgage adviser.

While interest rates are low you might be tempted to increase your mortgage. But make sure you can still afford your mortgage should interest rates rise again.

If you are struggling or think you may struggle soon with your mortgage or other loans, you should talk to your lenders as soon as possible. You may be able to come to an agreement with them, such as a payment plan, and avoid more serious problems.

There are also mortgage assistance schemes and other help available.

If you can afford to borrow money but are finding it difficult to get a loan, don’t be tempted to go to an unlicensed lender (loan shark).

Some licensed lenders will consider lending to you even if your income is low, your credit rating is poor, or you only need a small amount for a short while. Find out how else you can borrow money.

Keep in mind that credit unions charge much lower interest rates on loans than home-credit lenders, and some credit unions have access to the government’s growth fund, which may allow them to offer low-income families more affordable loans.

If you’re relying on pensions or other investments to fund your retirement, find out how much they’re worth to see whether you’ll have enough money. If you’re not on track, a financial adviser may be able to help work out what’s right for you.

If you have a money purchase pension (where your fund may have been invested in the stockmarket), its value may have dropped. Remember, pensions are long-term investments, so if you have some time to go until retirement, your fund may have time to recover. Find out what type of fund you have and what your fund choices are.

If the current climate has upset your plans to retire soon, remember you may have a choice of when to retire and how to receive your pension. You have options – for example you can:

• receive an income but continue to work (if your scheme rules let you);
• work beyond normal retirement age (if your scheme rules let you); or
• take some income from your money purchase pension fund while leaving the rest invested.

This last point is not suitable for everyone as it involves extra cost and investment risk.

The recession has caused interest rates and investment returns to fall considerably. This may affect how much your provider can offer when converting your pension fund into an income (an annuity). If you need your income now, shop around using our comparison tables for a better deal as you may be able to increase your income by as much as a third. But remember to check if you have a guarantee in your existing fund.

Some providers may offer you a better income because of your health, lifestyle, occupation or where you live.

If you are aged at least 50, you may be able to release cash from your pension before you retire – but don’t be tempted to do this until you’ve thought about it carefully. It will reduce what you have left to cover your retirement for the rest of your life. You should only consider it when you have immediate needs and no other option. Read our Just the facts about pensions guide for more information.

Reject offers promising to convert your entire pension benefits into cash before you retire. These offers may mention that it’s possible using a legal loophole. But there is no legal loophole. It’s against the law – criminals can only do it by tricking your employer’s scheme into thinking it is transferring your money into another genuine pension scheme.

You may be able to boost your pension income in different ways, for example by tracing forgotten savings and investments or through support from the government or from charities.

If your scheme provider or your employer were to become insolvent, how you are protected depends upon the type of scheme you have.

If you lose your job, your pension is protected. You keep your right to the benefits you have built up, and your pension still has the potential to grow. You may also be able to pay more money into it or to transfer it to a different scheme.

As interest rates have dropped considerably, it’s tempting to think it’s not worth saving. However, it’s a good idea to keep money aside for emergencies, in case you lose your job. Some advisers suggest this should be between three and six months’ pay.

If you’re going to dip into your savings, check whether you have to pay any penalties for taking your money out at short notice.

Have a look at the interest rates you get on your savings accounts, and shop around to see if you can get a better deal. Remember, accounts offering higher interest rates may restrict access to your money.

If you're thinking of buying an investment to get a higher income, make sure you understand the risks of the product before investing. For example you may still lose your original investment in a ‘guaranteed’ or ‘capital protected’ bond, if the guarantee or the protection is offered by another firm, which then becomes insolvent. Also, check when you can take out the money you originally invest.

If you are planning on selling investments to get much-needed cash, or you’re worried about the performance of your investments, think about getting some professional advice to help you decide what’s suitable for you.

If the firm that advised you on or manages your savings or investments goes out of business, you may be able to claim for compensation. There are limits to the compensation you may receive, which differ depending on the type of product you have.

Fraudsters target areas where people are vulnerable, so beware of promises of higher returns on your savings, offers of a new job, a new training course or to cash in your entire pension benefits. Remember, if an offer looks too good to be true, it probably is. Find out how to protect yourself against scams that try to con you out of your money.

There are lots of organisations that offer free debt advice, and you can talk to them face to face or by phone.

There are lots of organisations that offer information and guidance on money matters. For advice that takes account of your personal circumstances, think about speaking to a professional financial adviser. But you may have to pay for their advice.

Increasing pressures may affect your emotional health. No matter what the cause is, don’t feel you have to go through this on your own. Talk to your partner or others close to you, or if you can’t, contact the Samaritans or Relate for confidential emotional support.