A recent study of how you can make more of your finances in the New Year prompted Money Matters to come up with our own list of tips for financial prosperity in 2022. In no particular order:

1. Have a personal budget
How can you possibly control costs if you have no idea what they add up to? Some people will keep detailed spreadsheets; others will simply scribble it down and divide it by 12 or 52, depending on how often you are paid. Either works, but do it.

2. Save more
It’s tricky if your earnings are sufficient only to pay your day to day expense. If that’s the case, go back to item 1. But if it’s not, put money away for a rainy day. You never know when you will need it.

3. Pay off expensive debt
Often credit cards or, worse still, pay day loans. Both need much more regulatory control. It’s too easy to get them and shouldn’t be.

4. Don’t gamble
If you must do it, don’t take out credit to do so or put your daily expenditure at risk. I know it’s tempting and you can win big, but that doesn’t happen often and it turns too easily into an addiction.

5. Ask the boss for a pay rise
He or she can only say no, but you would be surprised how often it works!

6. Improve your credit score
There is something of a mystery around it and I have to confess to not fully understanding the mechanics of how it all works. What I do know is that it has a massive influence on your ability to borrow.

7. Have pots for different expenditure
I get exasperated occasionally when I hear stories of people not being able to pay their tax or VAT. That can only happen if you have spent that money, and it doesn’t belong to you! Be disciplined and put money for different expenditure into separate pots. It works really well in business and personal lives. Many online banking apps have this feature to make it easier for you to split your money.

Whatever you choose to do, have a Happy, Healthy and Prosperous New Year.