The money diet

If you have debts - credit card, overdraft, loans - use any money you have saved with this new regime to pay them off as fast as you can. Once you?ve paid those off, start over-paying your mortgage. Even if you over-pay by a 50 or a hundred pounds a month, you will save thousands over the years by paying it off quicker.

Exercise your finance power

Power is knowledge and the more knowledge you have of money matters the more control you will have over your finances, and therefore over your life, so its important to educate yourself:

• Check out the 'Money' sections of Sunday newspapers and look through some of the links at the end of this article to get clued up.
• Banks and other financial institutions make £billions every year by selling useless, expensive products to people who don't know any better, so make sure you're not one of them by shopping around for the best deals on the Internet.

Piling on the pounds

You can lose weight quicker if you exercise more while you cut down on the food you eat. In the same way, if you increase your income while cutting down on your spending you will 'pile on the £'s'! Go round your house and collect up anything you don't want anymore - books, CDs, clothes, jewellery, bric a brac - and sell them either at a car boot sale or online on eBay or Amazon. Put any money you make into paying off debts or into a high interest account to boost your future income. Financial websites such as The Motley Fool have up to date information on the best high interest savings account to suit your individual needs.

If you are serious about making more money, perhaps to pay off your mortgage or create a retirement fund, take on an extra job that you enjoy. This doesn't have to be difficult or even as structured as a part-time job for a company. Do some babysitting, make greetings cards to sell, organise children's parties or rent out a room to foreign students; the Inland Revenue allows you to earn up about £350 per month tax-free through the rent-a-room scheme, which could make you huge savings. There are hundreds of ways of making some extra cash - use your assets and your skills to make yourself rich.

Finally, don't forget to reward yourself every now and then for making more money. Give yourself a goal - perhaps paying off one credit card or making an extra £1,000 and once you've reached this monetary 'weight' you can reward yourself with a small financial treat such as new shoes or a slap-up meal out with friends. But don't go mad. Remember, the goal is to live below your means and invest what's left over for a rich and secure retirement. Good luck!

Jasmine Birtles is author of 'A Girl's Best Friend Is Her Money' (Boxtree £12.99) and 'A Bit on the Side: 500 Ways to Boost Your Income' (Piatkus £10.99)

More advice
Discover the 7 deadliest sins of spending
Find out how to beat the credit monster
Keep control of your account with the cash flow calculator
Find a high interest savings account

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