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Money management isn't a skill that comes to everyone naturally, but if you've found yourself in debt or with numerous financial hurdles to overcome, taking the time to look into your finances and identify areas for improvement could ease the strain.

By effectively managing debt, you may be able to move these obligations away from the forefront and ensure they do not have such an impact on your finances. The first step in managing your finances is to take stock and find out just what you owe, which may involve digging out paperwork related to credit cards, mortgages, car loans, utility bills and other obligations. If you're planning on applying for a new credit card or loan and you're eager to get the best rate, you could also consider obtaining a copy of your credit score, as this will highlight certain areas in which improvements need to be made.

If you feel you are paying over the odds in interest for some accounts or loans, making changes to your financial situation and improving your credit rating could allow you to benefit from better rates, and if you are not locked into a contract it's always worth comparing products and services from different providers to get the best deals available. Switching to a lower rate energy, phone or broadband tariff could save you hundreds of pounds a year, without requiring any sacrifices.

You could also benefit from making changes to your saving and spending habits, if you feel these are costing you dearly. Using price comparison websites could save you money when making large scale purchases, and economising your shopping lists to ensure you only buy what you need could also add up to big savings over time.

For some people, managing their finances also involves removing the temptation to spend money, which can mean leaving credit cards at home to avoid spending more than they have at present. Credit cards can also be hugely beneficial for managing your finances however, particularly when applying for credit cards for bad credit and balance transfer cards that can make it easier to move money between different accounts to keep these above their limits each month.

If you have a number of debts, you should also consider whether you could save money on interest payments by consolidating these various obligations into a single loan. Consolidated loans may ease the financial strain by stretching loan repayments over a longer period, meaning you spend less each month, though this could prove more expensive in the long run in terms of interest.