Confessing to your partner that you’ve made a mess of things could be the first step towards getting your finances back on track. By Akwasi Duodu

Okay, so you’ve made a complete mess of your finances. What can you do to rectify the situation? Here are some common-sense ways to get your financial affairs back on track.

1: Confess
The most important person to confess to is your partner or spouse. It may be embarrassing and humiliating, but they have a right  to know, especially if your finances are linked through a mortgage. Confessing will prevent your partner from putting financial pressure on you. The second person to confess to is your financial adviser. Arrange a meeting to see them. Tell it like it is. Here are some of the common-sense suggestions they may come up with.

2: Budget
Make a budget and stick to it. Putting the numbers down on paper will show you just where all the money is going. Set a limit on how much you are going to spend and stick to it.
 
At the supermarket

• Take a calculator with you to the supermarket, or use the one on your mobile phone. Figuring out the total as you shop will help ensure that you stick to your budget.
• Make a list and only buy what’s on it. Not only will you shop quicker, you will also be less tempted to spend money on things you hadn’t planned to buy.
• Buy generic or “no name” brands. Most of these products are the same quality as major brands, but because less money has been spent on branding and packaging, they are cheaper.
• Check your receipt. Watch your shopping at the till and go over the receipt carefully before you leave the premises, to check that offers such as “3 for 2” have been accounted for.
• Make good use of supermarket coupons and money-off vouchers.
•  Follow the rule “eyes down for a bargain”. Supermarkets place expensive brands at eye level, and cheaper brands on the lower shelves.
• Check the best-before dates on food to check that it will not go off before you intend to use it.

• Cook larger amounts of food. Freezing portions for meals later in the week helps to save money and time.

• Dig out old clothes you’ve grown out of. They may not fit you, but they may fit a friend. Alternatively, you may be able to adapt them.
• Swap accessories. Handbags, belts and scarves are easy to swap because one size fits all.
• Shop in charity shops in well-off areas for designer clothes at bargain prices.

• Don’t put hot food straight into the fridge.
• Only fill your kettle with water you are going to use.
• Try to keep your freezer full to prevent cooling empty space.
• Turn off the lights in empty rooms.
• Switch energy supplier. It used to be a nightmare to switch energy suppliers in the past, but sites like simplyswitch.com have made it a lot easier.