How many weddings are you attending this year? Are you keen to do some travelling this summer? Need to finally get your bike properly serviced? There will be moments coming up that require a fair chunk of spending. Note them all down on a calendar so you know exactly when your budget needs to flex around shifting needs.

“Map out any big spends or financial changes that are coming up,” Lakhani advises. “Facing up to any large expenses in advance is a really good move, as it gives you time to plan for them. This is especially true if you have a fixed mortgage deal coming to an end in the next 12 months, as interest rates now are likely a lot higher than when you last fixed. It’s worth speaking to your lender well ahead of time to secure a deal you can definitely afford. If you are self-employed, the start of the new tax year is a good time to start saving for next year’s tax payment.

“But it isn’t just the serious stuff that you need to plan for – you can also think about more fun expenses, like holidays, birthdays and Christmas. Setting aside small amounts of money regularly is a good way to save when you have a particular goal in mind. Use an app like Plum to create a ‘pocket’ so the money for specific goals doesn’t get mixed up with your other savings.”

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