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The cost of living is rising at its fastest rate for 30 years and, with the continued hike in energy prices and food and fuel costs soaring, many of us will be starting to feel the pinch. Here, we share some tips for how you can get on top of your finances:

All about the bills

Take some time to go through your accounts so you know exactly how much you’re spending against how much you have coming in. Cancel any unnecessary subscriptions, then make a budget.

Ensure you factor in all essential bills for rent, utilities and annual expenses like insurance, as well as your food shop, and set aside the money to pay for these as soon as you get paid.

Start an emergency fund

Once you know how much you’ve got leftover once bills are covered, set up a standing order for a fixed amount to go into your savings account. Even just a small amount put away each month will soon start to add up and will mean you have money available to cover any unplanned costs if the unexpected happens.

Get thrifty

Now your savings and bills are covered, whatever is left is your disposable income, your ‘fun money’. If there isn’t much, have a look at how you can cut back in other areas to free up more cash. Could you swap your daily meal deal for a packed lunch, indulge in one or two less takeaways a month, or cycle to work instead of driving to reduce travel costs?

Seek professional financial advice

If you are struggling to manage your money, consider seeking professional financial or debt-management advice. This is often provided through workplace Employee Assistance Programmes, so if your employer offers this support service, contact them.

Alternatively, get in touch with your local Citizens Advice or call debt charity Step Change .