Credit information provider Equifax has launched an interactive budget planner, designed to help people get their finances back on track after the Christmas season.

With one in four British adults saying they expected to take on new debt to pay for Christmas 2014, the New Year could bring the need for financial management into sharp focus, says the group. The new planner – http://www.equifax.co.uk/newsroom/index.html – has a table for consumers to input their household income and outgoings.

Laura Barrett, Equifax Consumer Affairs, said: “Christmas can be an expensive time of year for many people with the result that in January the credit card bills and bank statements arrive  and some individuals realise their festive spending went beyond what they could afford. The Equifax Budget Planner aims to take the stress out of staying in control of finances.

The planner is divided into categories including all forms of income from full time salary and any benefits from part-time jobs. Outgoings are divided into sections, including household expenses, utilities, health, transport and entertainment, helping consumers think about every aspect of their spending. Importantly, the outgoings section also includes a section for debt payments, such as loans and credit cards. Once everything is filled in, the planner creates an expenses total, which is subtracted from income to create a ‘Net Income’.

Barrett adds: “It’s vital that people gain a clear picture of how much money they have and make sure they’re not spending more than they earn, especially if they want to apply for a mortgage or make a big purchase, such as a car, later in the year. The New Year is the perfect time to assess your financial health and put a plan in place to reduce any debts and make your money go further.”

The Equifax Credit Report is accessible for 30 days free by logging onto www.equifax.co.uk/Products/credit/credit-report. If customers do not cancel before the end of the 30 Day Free Trial, the service will continue at £9.95 per month, giving them unlimited online access to their credit information and weekly alerts on any changes to their credit file. It also includes an online dispute facility to help them correct any errors on their credit file.