Setting aside a few minutes a week is all it takes to review your money situation.

Use our Budger planner to help you work out your weekly or monthly income and spending. And our Cut-back calculator can help you see where you can make savings on things you buy regularly.

List all your sources of income, for example your pay, benefits, pension income and tax credits.

You may have money coming in from other sources, for example from rental income if you have a lodger or rent out a property you own.

Don’t worry if you can’t account for every penny – the most important thing is to know roughly where you stand. Be realistic. If you want a better idea of where your money is going, try and keep a spending diary by writing down what you spend each day for a week.

Don’t forget occasional items (such as birthdays) and things that you pay for once a year (such as car tax and insurance).

Some sort of financial support is available for most people – whether you're working, have children, are caring for someone, or are retired. Find out what you may be eligible for.

Make sure you’re not paying too much tax. Check your payslip to make sure you have the right tax code for your circumstances.

Check the rate of interest on your savings. You may be able to get a better rate by switching accounts or providers, but beware of any penalties. It’s a good idea to think about when and how often you’ll need to take out any money, to make sure that you can get at your money when you need it.

If you need to cut back,our Cut-back calculator may help you find areas where you can do it. If you are thinking about cancelling insurance to make savings, consider how you’d cope if things were to go wrong.

Be realistic – set targets and stick to them.

Review your Direct Debits to check you are not paying for any unwanted services. Perhaps you were given a free introductory offer but now you pay full price. Are you paying for a gym membership or magazine subscription that you no longer use?

Whenever you shop, either in a store or online, there are often vouchers you can use to save money. Look in magazines or online for them. But remember not to buy something just because you have a money-off voucher – you may not need it anyway.

Write a shopping list before you go shopping to stop you impulse buying things that you don’t need.

Set an affordable limit on gifts being bought for birthdays and Christmas before going shopping, and stick to your limit.

If you are looking for a good deal on your gas, electricity or phone, always compare prices. You can shop around for almost everything – store cards, credit cards, insurance, and even your mortgage. But be wary if you are considering switching from one contract to another, as there may be penalties.

Often paying by Direct Debit is the cheapest method, and some companies may charge you a handling fee if you pay by credit or debit card, so always check.

Check whether you’re already covered by existing insurance before you take out new cover.

• Your home contents insurance may cover you for loss of personal items (such as credit cards and mobile phones) while away from home, or breakdown of your electrical items.
• Your employer may offer health or travel insurance as part of your benefits package, so it may be cheaper to take it out with them.
• Your bank account may include free insurance.

The way you drive your car affects how much fuel you use. Directgov's tips on Buying and driving greener cars could help you save one month's fuel over a year.

Find out how you can save money and energy around the home. You can also check whether you would be eligible for a grant to help pay for insulation.

Now that you’ve got your budget sorted, here are some ideas to help you stay in control.

• Make a note of when your annual payments are due, for example car tax and insurance. You’ll be better prepared if you start budgeting for these in advance, and the reminder could also help you avoid late-payment charges.
• Think about setting up Direct Debits for payments like utility bills or credit cards, so that the money is automatically paid from your account when it’s due. This will help spread your payments so you can budget better and help avoid late-payment charges. But make sure there’s enough money in the account to cover them, otherwise you may be charged by your bank.
• Check your bank and credit-card statements as soon as you get them to review your spending. Know roughly what your balance should be. Contact the bank or credit-card company if you think anything looks wrong.

It’s also usually a good idea to put some money aside for emergencies or possible expenses, such as replacing expensive household items if they’re not covered by your insurance. As you won’t know when you’ll need this money, make sure you can access it easily.

You may also want to start saving up money for Christmas, a special occasion, or a holiday. If you put aside a little each month and make sure you’re getting a good interest rate, it will soon build up.

Make sure you review your budget regularly. If your circumstances change, for example your income or your bills rise or fall, look at it again.

You should also review your budget if you are considering making a big financial decision, such as a new car or home improvement.

Think about your financial goals and when you want to reach them. They could be:

• paying off or reducing your debts;
• taking out insurance to protect your family or home if things go wrong;
• saving up for a holiday or a deposit for a home; or
• saving for your retirement.

Use our Financial healthcheck tool to help you.

If you feel you are starting to struggle with your debts, read our Dealing with debt guide to give you some ideas of what you can do.

If you find that the situation is spiralling out of control, try not to panic or ignore the problem. It’s best to act sooner rather than later, as the people you owe money to may be able to help you manage your repayments.

You’re not alone either, as expert help is available. Several organisations offer a free service, either face to face or by phone. These advice agencies can help you tackle your debts.