Ten tips for managing your money better in 2015

1. Review your budget or if you don’t have one, develop one. This will help you get a better understanding of where you money is going. Budgets help you gain awareness and control with your money. They don’t have to be difficult.

2. Think very carefully before you put anything on credit.

3. Reduce your expenses. Review where your money is going and look at ways to decrease your expenses and cut back on your spending.

4. Increase your income. Can you work extra hours or get a part time job? Get a flatmate, border or student to help with your expenses.

5. Generate some cash by cleaning out your cupboards. See if you can raise some funds but selling what you no longer need.

6. Put together a repayment plan to pay off any consumer debt you have. Make sure this is manageable. It’s better to commit to a smaller amount and increase it once you are comfortable you can afford it.

7. Have 3-6 months of your monthly expenditure set aside in an emergency account in case something unplanned comes up.

8. Review your insurance cover to ensure you have covered all the risks you and your family face. Remember an insurance review is not necessarily about getting more cover just checking that you have the best insurance cover and products for your current situation.

9. Get some help. If you are finding it difficult to get on top of your money or think you could do better get some help or advice. The Budget Advisory services through the Citizens Advice Bureau offer a great service or see a qualified financial adviser.

10. Keep positive and take it one day at a time. Having a good mind set with money can make a significant difference to how you manage your money.

Lisa Dudson is a bestselling author and Registered Financial Advisor with over 15 years industry experience. Lisaoffers financial advice through www.acumen.co.nz and co-owns the New Zealand's leading property investment agency www.ifindproperty.co.nz.