* Keep a written or computerised budget with records of planned and actual expenditure every month. Very few people do this but it is a good discipline. You will be surprised how far your estimates are out. This identifies areas where you can make savings.

* Choose any financial service carefully. Compare costs and benefits just as you would with a car, for example. Talk to several suppliers.

* Try to strike the right balance between permanent and changeable long-term investments such as life policies and pensions.

* If you do not understand something - ask! Too many people sign documents without reading them.

* Make a will. Consider all the eventualities. If you die without leaving a will your estate goes to your next of kin.

* Do not gamble unless you are prepared to lose. Do not aim to get rich quick but avoid getting poor slowly.

* Learn from other people’s financial mishaps - house fires and floods do happen so get good insurance, don’t let old age take you by surprise.

* Use credit sensibly. Using too much can lead to hardship.