Tips to manage your money

• Use a budget planner to help you work out how much money you will have left after you have paid your essential bills. List the amounts you have to pay, for example your mortgage or rent, utility bills, etc and add them up. Make sure that you deduct this amount from your salary or regular income before you start to spend anything else.

• It may help with budgeting if you arrange for your bills to be paid as soon as you receive your salary - it means you are sure that your bills will be paid and reduces the temptation to spend the money on something else. If you pay by standing order you can choose when to make the payment (but make sure that the recipient will get the funds in time otherwise they may charge you). Some companies who use direct debit may be prepared to change the date to one that will suit you so it's worth asking them.

• If you find it really hard to keep on top of your finances it may be worth opening a separate account just to pay your bills. Set up a standing order from your 'everyday' account to your 'bills' account for enough money to cover all your regular bills and arrange to have your bills paid from that account. That way you can keep your day to day money separate, safe in the knowledge that the bills are covered.

• When you check your balance make sure you also check which items have already been paid and allow for those that haven't - otherwise you may think you have more money available to spend than you actually have.

• Some utility companies offer a discount for customers who pay their bills by direct debit.

• An overdraft, whilst it provides flexibility, should ideally only be used as a safety net.  Banks are not obliged to provide an ongoing overdraft facility and you will need to make sure you are in a position to repay the overdraft or keep your account in credit when the overdraft period ends.