Step two: Budget
ONCE you know how much you owe you can draw up a budget, including a schedule for repaying your debts. Be realistic and work out what you can afford to repay and still stay within your budget.

Step three: Be disciplined
DON'T borrow any more money or take on any more debts until you have repaid what you already owe.

Step four: Watch your daily spending
TAKE a sum of money out of the bank at the beginning of the week and give your card to a friend or family for self-keeping. That way you can’t spend more than you have in cash.

Step five: Organise your bills
MAKE sure you are paying all your utility bills by direct debit. It's much easier to manage as you won't have to worry about sending cheques on time and it is also cheaper as most providers offer discounts for direct debit payments. This is probably the easiest way to cut your bills. You can do it today simply by calling your bank with the details of your energy suppliers. Or, alternatively most energy bills enclose a form to fill in to set up a direct debit.

Step six: (part one) Switch utility suppliers
YOU could save hundreds of pounds each year on gas, electricity, water and phone bills by switching. It is advisable to switch energy and phone suppliers before you set up direct debits or you will end up having to change them again.

Step six: (part two) Switch credit cards
TRY different providers and you'll probably find a Credit Card with a better rate than you're paying now - particularly for transferred balances. Be wary, however, of special offer rates which will rise considerably in six-months' time. It's best to go for a low rate that looks stable rather than 0% for a limited period, unless you're happy to switch again in six months.

Step seven: Cut up store cards
STORE cards charge by far the highest rates for credit, so if you're finding it hard to manage these debts throw away your cards now to avoid temptation.
'You'll pay well over the odds for most store cards, you're better to pay cash if you can rather than land yourself with more debts. For those items you can't pay cash for, shop around for the best deals - the market is competitive, so there are some excellent interest free credit offers around. It is also worth taking a look on the internet as many products are offered there more cheaply.

Step eight: Sort out your bank account
IF you're a customer of one of the big four - Barclays, HSBC, Lloyds and NatWest - then you're probably not getting the best deal on your overdraft or interest rates. With the launch of internet banks in recent years there is much more choice, so it makes sense to switch and take advantage of offers such as fee free banking and lower overdraft rates. You could save yourself a lot of money just by switching to a new current account.

Step nine: Switch your mortgage
THE mortgage is probably your biggest expense each month, so it's important to ensure you have the best possible deal. Roberts Financial Services Independent financial advisers will look at your present mortgage and see if you can save any money. Roberts Financial Services do not charge for this service - so what have you got to loose. Contact them now...

Step ten: Review protection policies
FINALLY, save money by switching your insurance company. You can often get cheaper car cover or mortgage protection. It is also worth checking that you're not doubling up with some of your cover - for example, some home contents insurance policies cover your belongings while you are on holiday, so you wouldn't need this in your travel insurance. This is another area that Roberts Financial Services can help you with and do not charge!