Your don't have a budget

Use a budget planner to take stock of how much money you have coming in each month, what your expenses are and what is left over once you have paid all of your bills. Without seeing how much money you have and where it is going, it is easy to spend too much - often without even realizing you have done it - which can make it harder to reach your financial goals. Budgeting is an important step in managing your money, so take the time now to write down what you earn and what you spend each month. You can work out what expenses you can eliminate each month and use the extra savings to pay down your mortgage, as a deposit for a new home or for a holiday.

You have a budget, but you usually outspend it

Creating a budget is a good start, but you have to follow it. If you find yourself spending more on entertainment or clothing than you budgeted for, it's time to cut back. If you want to splurge, set aside some cash each week for fun, but do not spend more than you planned for.

You pay only the minimum amount on your credit cards

Credit cards make it easy to spend, but it can be tough to pay it off if you charge too much on it. If you make only the minimum payment on your credit card debt each month, you are essentially just paying the interest and not the principal amount.

If you find yourself in this position, limit future spending by cutting back to just one credit card that you use only in emergencies. Then, chart a new budget that will allow you to increase your monthly payments and begin reducing the size of your debt. You can speak to one of the financial planners at Intellichoice about a debt consolidation loan to pay off all your credit card debts.

You are using one credit card to pay off another

This is a clear sign that your spending is out of control. It is also an expensive way to manage debts. Instead of erasing your outstanding balance you are simply shifting it to a new card with its own interest payments. A related warning sign is using your credit card to pay for regular expenses - such as food, rent or car payments - because you do not have enough cash to cover those costs.

You have no savings

Families are saving less than they have in the recent past and taking on more debt. Without a savings cushion, it is harder to bounce back from financial setbacks. To fix this problem, start with small weekly deposits to a savings account that you are not allowed to touch. Stick with your savings plan and you will be amazed how your balance will add up over time.

Take control

If you need help managing your savings or debt, we recommend that you speak with a financial planner from Intellichoice today by calling 1300 55 10 45. Our financial planner can help you put a budget in place, or assist with debt consolidation loans and other debt management strategies to get you back on track.