If you spend more than you earn it can lead to major problems, as continued overspending leads to serious debt. That is why it is vital you know exactly what your incomings and outgoings are. To start with, the most important thing is to prioritise your expenditure and stick within your means.

Often, traditional budgets fail as they concentrate on one month's expenditure yet we don't always spend by the month. It may be weekly or, in the case of Christmas or summer holidays, annually; this leaves most budgets missing out a chunk of expenditure - and thus not adding up.

Martin’s Budget Planner is therefore designed so you can enter how often you buy certain items and, rather than the typical 20 categories of spending, has over 90 to ensure you don't miss anything.

Doing the budget planner accurately should take about an hour. It's best if you gather together your bank and credit card statements first, preferably the last three months' worth. Between them it should list all standing orders, direct debits and give you an accurate idea of what you spend.

For example, for food shopping, gather together all your receipts for the last three months, add up all food spending listed, then divide by three to reach your average monthly spend. If you can, also gather together your payslips to establish exactly what you earn plus any bills or other documents if possible (though your statements should also detail this info).

For Martin’s Budget planner and more tips on how to manage your money, read Martins’s full guide on how to Budget.