If money worries are keeping you awake at night, it’s time to take control. Solving financial problems isn’t always easy, but it’s always better to take action now than waste time worrying while your financial situation gets worse.

1. 

   Even if they can’t provide practical help, you’ll get some vital emotional support while you work out what to do next. Remember, a problem shared is a problem halved.

2. 

   Set a half-day or whole day aside. Use the time to work out the facts about your financial situation, who you owe money to, how much you owe, and when payments are due.

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   A weekly, fortnightly or monthly household budget will show where your money’s going and help you prioritise your spending – i.e. make sure you pay the most important bills first.

   Doing a budget is the key to helping you understand what options are available to put you back in control of your finances.

   Take advantage of the excellent budgeting tools at Family Budgeting Service and Sorted. You can also call Family Budgeting Services free on 0508 BUDGETLINE.

   More information on budgeting under pressure.

4. 

   You may be getting letters or phone calls from companies you owe money to ('creditors') or from debt collectors. Don’t ignore these communications. Let them know you want to pay them but can’t pay the full amount immediately. Ask if you can set up a repayment plan to pay off what you owe over time.

   If you have a number of creditors, you might need some extra help working out how much you can repay while still paying for the day-to-day essentials. An independent budget adviser should be able to help you with this.

   The Family Budgeting Service has strong relationships with a number of government agencies and utility companies, and can help you deal with them.

   • You can find more information on your legal position as a debtor at Consumer Affairs.
   • Click here for information about managing your creditors and demands for payment.

5. 

   Your may be struggling to make repayments on your credit card, personal loan or home loan. Or you may be regularly charged unarranged overdraft fees on your everyday bank account. If that's so, talk to your lender or bank as soon as possible to make them aware of your situation. They will probably have some options to help you manage your repayments. For banks in particular, the sooner you ask for help, the sooner they will be able to help you.

   If you don’t talk to your bank, the number of options available to you becomes much reduced.

6. 

   Once you know your financial situation and have made a plan – stick to it. Your creditors and lending providers will be much more willing to help you if they can see you are taking steps to help yourself.

   Remember that many people suffer from financial pressures at different times during their lives. It takes courage to deal with the problems and get on with life. Congratulate yourself for seeking help and taking steps get back in control.