We have come up with some budgeting tips:

1. Average spending

To work out your average expenditure, keep your receipts over a number of weeks and then work out the average since it's unlikely that each week you will spend the same amount so therefore observe your spending habits over a few weeks to get the real pictures

2. Records your expenditure

As well as keeping receipts, you should also keep a note of all the little things you buy each day such as the newspaper or your morning coffee. Most of us these days have a smart phone which allows you to make notes.

3. Analyze expenses

Once you have noted down all your expenses you then need to identify which items are necessities and which expenses are luxury items which you can cut back on.

4. Budget

Create a budget and stick to it.

5. Write a list

Before you go shopping write a list of all the things you need. If it's not on the list, don't buy it. Refrain from impulse shopping

6. Credit Cards

Consider reducing to just the one credit card – the one with the lowest interest rate and/or interest free period. Even better is to eliminate your credit card all together and only spend the money you have, not on credit!

7. Credit Card Balance

if you do have a credit card, avoid interest by paying the balance. If you can't clear the balance, then do try and pay more than the minimum payment to reduce the interest.