Managing your money can be a breeze

Expert tips to help you feel secure and money-confident about your future.

Are you debts mounting each month? Are you finding it harder to juggle the bills? Do you find yourself relying on cash advances on your credit cards to get you through till pay day?

Fretting over unpaid bills is a terrible energy-sapper. Money worries hang over your head, undermining your self-confidence and sense of security. Things usually aren't as bad as they seem and the worst thing any woman can do is accept the situation and continue living hand-to-mouth, day-to-day.

Every woman, regardless of age or income, has the potential to be financially secure and enjoy the self-confidence and personal power that comes with it. It is not a matter of earning higher wages, but of working smarter with what you've got.

Tips suggestion during a credit crunch:

1.STAY CALM
If it looks like there is no way out of the maze of bills, stay calm. After all, it's just money. Many people and businesses face a credit squeeze at some stage and most work their way out of it. The key is to have a plan - and to follow it.

2.IS THE CRISIS TEMPORARY OR CRITICAL?
Work out if your difficulties are short-term or long-term problems, such as illness, loss of job or even bankruptcy. If it is a major crisis, you may need professional help. Seek advice from an accountant or bank officer immediately.

3.WILL YOUR CREDIT RATING BE AFFECTED?
Do your best to protect your credit rating. A downgrade could jeopardise your future chances of obtaining a loan.

4.PRIORITISE YOUR BILLS
When cash is tight, prioritise which bills to pay first. Check which unpaid bills are likely to affect your credit rating. For example, a landlord may allow you to pay the rent a week late, but a default on the electricity bill will put you in darkness - and leave a black mark on your record.

5.WATCH YOUR EXPENSES
Until you work out your way out of debt, you need to spend wisely. Put off buying clothing or household items until you are on firmer financial footing. Work out how much you can afford to put aside each week towards paying off your debts, then work out how long it will take until you are debt-free. Now you have a personal goal to work for - that marvellous day when you won't owe anyone anything.

6.DON'T BE TOO HARD ON YOURSELF
Financial fitness takes discipline but don't impose too strict a budget on yourself. Chances are you won't be able to stick to it and will end up depressed.

7.BUILD YOUR CASH RESERVE
Just $40 a week could get you started on building a fat nest egg for the future. The best way to begin a plan is by learning how investments work. This bring the knowledge and confidence you need to win. Many financial planning firms run seminars that are useful starting point.