People 'should keep a close eye on their spending'

In order to manage their money properly, people might want to ensure they are carefully monitoring their spending, a commentator suggests, which might appeal to those who have suffered bad credit card problems in the past.

Speaking to the Journal, Ian Lowes, an expert in financial management, outlined the problems that can arise if consumers do not focus enough of their attention on their outgoings.

He noted: "Many people have got themselves into a mess through not knowing how much they have going out."

Those who have access to computers should try and take advantage of the software that is available to them in order to assess the amount of money they are spending, Mr Lowes went on to suggest.

He told the news provider: "Keeping records of your spending is absolutely essential."

When it comes to people's spending on home energy bills, figures from uSwitch.com recently showed that consumers might have to contend with larger hidden climate change taxes in the coming years.

Posted by Tom Burroughs.