After the 12 binge-spending days of Christmas, your bank balance may be looking a little worse for wear. But don’t worry, to help to rid yourself of the festive financial hangover, Times Money has devised a seven-day extreme money detox.

Sunday

Start a money diary. Dig out all your bank statements, pay slips, telephone and utilities bills and work out what money you have going in and out every month. “When you have to record where your money goes, it is easy to see how much you are wasting,” says Donna Bradshaw, financial planning strategist at IFG Group, the financial services company.

Make this your food shopping day, but spurn Waitrose, Marks & Spencer and the like and head instead to the cheaper Lidl, Netto or Aldi.

Monday

Deal with debt. Address the most obvious areas of your finances where you could be doing better. These include debts on credit cards with uncompetitive rates and store cards that charge up to 30 per cent interest. Consider consolidating these borrowings on a card with a 0 per cent intro

ductory rate. There is likely to be a fee to transfer, but you will save in the long run. Research the best deals at websites such as www.moneyfacts.co.uk and aim to pay off as much as you can and certainly more than the minimum monthly repayment.

Also check your credit file at www.experian.co.uk or www.equifax.co.uk. This costs a few pounds but could help to secure the best rates on credit and mortgages by ensuring the information that lenders use is accurate.

Tuesday

Focus on insurance. If you have not shopped around for life cover for a while, you could save, especially if you have given up smoking in recent years. Nationwide Building Society says that former smokers can save about £15 a month on their life cover. Try lifesearch.co.uk to find a competitive quote. Source cheaper home contents and car insurance using comparison websites such as gocompare.com or moneysupermarket.com.

Wednesday

Reduce phone and broadband costs. Jason Lloyd, of moneysupermarket.com, admits that the number of deals and packages available can be confus

ing, but it is worth comparing the options because you can make big savings. “Work out what you do and don’t need,” he says. “For example, you may be paying for huge down-load limits you never use.” Simply threatening your provider with your departure could flush out a cheaper deal without the hassle of moving, otherwise shop around using comparison websites as a starting point.

Changing mobile provider can also offer savings but, uSwitch.com, the comparison website, says that 39 per cent of mobile customers have never switched. Find a better deal today.

Thursday

Generate savings on energy. According to uSwitch.com, householders can save as much as £325 a year on their gas and electricity bills by switching to the cheapest supplier. Investigate the options at a comparison website approved by Energywatch, the industry watchdog.

Friday

Ensure that your savings are working hard enough. If you have not used your tax-free allowance of £7,000 a year, look into cash mini-Isas or equity Isas. If you do not have any

savings, start today. Find the most competitive accounts at timesonline. co.uk/savings and open one with the amount you have saved so far this week. Set up a regular direct debit to keep you in the savings habit.

Find time to consider your pension arrangements. Ms Bradshaw says: “If your company runs a pension scheme where it matches or betters your own monthly contributions, this is a give-away and you should join.”

Saturday

Spend the day doing anything that won’t cost you money. If you are struggling to think of a suitable day out, go to www.visitbritain.co.uk to search for free attractions.

If you have a gym membership, be realistic about whether you are getting value for money. Check your diary from last year and work out how many times you used the gym in the past three months. If it looks like you have effectively paid £50 a throw for your 20 minutes on the treadmill, cancel your membership and go for a run in the park.

If you still want to go to the gym, look for cheaper options. “Do not pay for the whole year upfront and do not be snobby about local authority gyms where you pay by the class or session,” Ms Bradshaw says.

Get back in the black

Take sandwiches to work every day for a week.

Stop and think every time you go to spend cash and aim to spend nothing at all beyond the absolute basics.

Write down everything you spend and, if you have time, everything you think that you would have spent on a separate page of your money diary.

Don’t buy takeaway coffee or bottled water.

Try walking or cycling to work to save on fares or petrol costs.

Don’t buy alcohol and don’t eat out.

Tot up how much you have saved each day by changing your habits and pat yourself on the back. To spur you on to continue, calculate what these savings would total over a year.

CASE STUDY: Steering clear of temptation

Ruth Thorpe and family saved hundreds of pounds by following the seven-day financial detox plan. The Southport teacher, 31, shopped at Lidl instead of Tesco and saved money by forgoing her and her husband’s weekly wine tipple. These steps alone shaved £50 off their weekly spend.

Mrs Thorpe, pictured with Jess, 3, and Fred, 5, also switched to cheaper electricity and gas suppliers, which she estimates will save about £180 a year, and took sandwiches to work, saving £7 over the week. The mum of three says: “Going to Lidl meant there was less variety than Tesco and less temptation to spend on extras. Not having any wine at the weekend wasn’t easy, but we did feel virtuous.”

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