For many people, keeping on top of their finances in today's day and age has become particularly difficult.

However, it needn't be hard. And if you follow these simple steps, you should be able to reduce the risk of falling into debt.

Keep track of everything you spend

No matter what you spend, keep track of it. Create your own spending diary and make sure it is always up to date. Split your spending into individual days (one page for Monday, one page for Tuesday… and so on).

By doing this, you will be able to work out how much money you are spending every day and should be able to track your spending more effectively.

Once one week is over, go back through your spending for the week and highlight where you have wasted your money (for example, have you spent money on a take away you could have done without?). Now add up all the money you have wasted and just think what you could have done with that money - like invest it into a savings account, for example.

Only buy what you need

If you find you have been wasting money, the chances are, it has been wasted on things you don't need. So from now on, don't buy anything you don't need.

Just ask yourself before you spend your money - 'could I do without this item?' or 'do I actually need this item?'.

If your answer to these questions is genuinely 'yes', you have nothing to worry about. But if you hesitate about it or say 'no', simply put it back and save your money.

Use discount vouchers

Ever seen discount vouchers printed in the local paper or online? If you have, cut them out/print them off and use them to save money - but only on products you need to buy!

Discount vouchers are a great way to save money on the products you would normally have to pay full price for.

Seek debt advice

Even if you aren't in debt, it doesn't mean you can't seek debt advice. You could simply ask a debt adviser for a bit of advice on how to handle your finances more effectively.

However, if you do find yourself in debt, you should seek debt advice as soon as possible. The sooner you seek debt advice, the more options you may have available to clear your debts.