We all need money – from meeting the basic needs like the mortgage or rent, food, transportation and clothes, to paying for the not so basic needs like a night out in town, that Chanel handbag and travelling.  More importantly, we need money for life changing events like having a baby or unemployment.

With the state of the economy and talks of a further recession, it is very important to get your finances in order for 2012.  The Financial Resolution Clinic will help you review your finances, make realistic saving targets and reduce expenditures through 5 simple steps.

1.  Monitor your incomings and outgoings – The Co-operative Bank’s ‘good with money’ Budget Calculator helps you monitor your incomings and outgoings and gives you an idea of what you could save on a weekly, monthly and yearly basis

2.  Reduce your expenditure – Use price comparison websites to find the best prices and offers on food shopping, electronics, utilities, financial products and other items.  For groceries and health & beauty shops visit My Supermarket  For utilities, broadband, TV, Home Phones, Mobiles, Money & Insurance visit USwitch

3.  Make income outside your 9 to 5 – There are so many ways to make extra income, here are 2 easy ways.  Open an eBay account if you haven’t already done this – you could sell new or used items, from clothes that don’t fit to wedding/bridesmaid dresses that you won’t wear again or unwanted gifts.  Get paid with vouchers from top brands like Tesco and Arcadia or with cash by taking online surveys with companies like Valued Opinions and New Vista

4.  Don’t ignore your debts – From credit cards to loans, make sure you know what you owe and to whom.  Visit your local bank or Citizens Advice Bureau for financial advice

5.  Make sure you save at least 10% of your income every month.  Set up a standing order so that immediately you get paid, 10% of your salary goes straight into your savings account.  Make a commitment not to touch this money except it is needed for an emergency – and NO the Boxing Day sales is not classified as an emergency.

Miss E wishes you a healthy financial 2012.