1. Mortgage check: Check your mortgage. Are you getting a good deal? If not, use a fees free broker to check out the best deals on offer for you and switch. You may be surprised at the savings you could make.

2. If you are feeling the pinch, speak to your mortgage provider about taking a mortgage payment holiday. This is better than defaulting on your payments.

3.Consider consolidating: Are you struggling to pay your monthly credit card bill? Check out low cost loans: you could save many pounds on interest. Read the small print carefully and stay away from high interest loans. Always look at the total amount you will end up paying. Lower monthly payments may sound attractive, but beware of early payment penalties, arrangement fees etc.

4. Use 0% credit cards: Look for a credit card that offers either 0% on balance transfers or advertises balance transfer offers where interest stays low until the debt is cleared. But please do not lose track of when the special rate runs out. You could end up paying a high interest rate.

5. Reclaim bank charges: Check your monthly bank charges. Are they high? Try and reclaim any late fees or overdraft charges. If you think your charges are excessive look at what other banks charge. If others are lower, consider transferring your account.

6. Maximise your savings: See if you are getting the best possible interest rate for your savings. Opening an online savings account could receive a higher interest rate than a regular current account. Some banks even offer a bonus for signing up with them.

7. Avoid extended warranties: When buying goods avoid the extended warranties. They are usually expensive and not worth it in most cases.

8. Budget: List all your income and expenditure, draw up a budget and make sure you stick to it.

9. Let a room: If you have a spare room you can redecorate and advertise for a lodger.

10. Stop impulse buys: If you are short of cash and need a loan for a large item of furniture or electrical goods, first wait at least one month – and think, do you really need this item now? Can you wait and maybe save a larger deposit, thus reducing the amount of the loan?

11. Pay a bit extra: You will save pounds in interest if you can pay your mortgage off early. Try and pay more every month or make extra payments if your mortgage provider will allow it.

12. Use a credit card with no foreign currency charges: Most UK credit cards will charge 2.5% for making a purchase in a foreign currency. There are some credit cards, such as ones from Nationwide and Citibank, that do not charge this fee

13. Avail free help: If your income is less than your outgoings you may need financial help; your local Citizen’s Advice Bureau will be able to offer you free advice.

14. Get what you are eligible for: Make sure you are claiming any benefits you may be entitled to like Child Tax Credit, Working Tax Credit, and Child Benefit. Ask at your local Citizens’ Advice Bureau for details.