1) Pay off expensive debt – it’s so easy to build up credit card debt and it’s so expensive. In most cases you would be better off taking out a personal loan or increasing your mortgage. As for pay-day lenders, avoid. 

2) Track your spending – the modern consumer environment makes it very easy for us to spend money. We can spend hundreds of pounds at the touch of a button, but lots of small purchases can also mount up. Write it all down: at the very least, the discipline will make you think twice.

3) Check your direct debits – in a similar vein, check what goes out of your account each month. Legacy insurance for products you no longer have, ancient magazine subscriptions, which go to a different address. No-one is going to tell you that you are paying for something you are no longer receiving, so make sure you’re on top of it.

4) Start an Isa – It really doesn’t take much to start tax efficient saving. There are a wide range of online brokerage groups from which to choose – including Hargreaves Lansdown, Alliance Trust Savings and Fidelity FundsNetwork. These will generally offer you more choice than your bank, at relatively low minimum investment levels (around £50 per month).

5) Have a retirement plan – it doesn’t need to be a pension, though in practice many will have a pension through their employer. It is just important to be doing something, however small, to ensure that you are not solely dependent on the State in your old age.

6) Build a financial cushion – Your roof falling in is likely to be expensive. It will be even more expensive if you pay for its repair on a credit card and then have to pay interest on it. Financial advisers tend to recommend that people have three months-worth of expenses in cash in the bank, but in reality, anything is a bonus.

7) Understand your financial situation – the ostrich approach to finances is all too common. You need to understand what you have coming in, and manage your spending accordingly. It really is that simple.