It's the perfect time of year to get your finances in order

1 Review your will

And if you haven't yet made one, do so. Don't DIY this, though - use a properly qualified solicitor. It shouldn't be expensive. Powers of attorney should be considered at the same time, as they shouldn't be regarded as something only the elderly might need.

2 Make a budget

Do you know how much you spend each month and on what? This is a very worthwhile exercise and bank and credit card statements are a good place to start. Separate your expenditure into essential (non-discretionary) and non-essential (discretionary). Ideally, you should aim to spend less than your income, and to save the surplus.

3 Review your mortgage

Could you be enjoying a better or more appropriate mortgage rate or product? Although it's more difficult to remortgage in order to save than was the case a couple of years ago, there are still attractive deals out there, particularly for those borrowers with a good level of home equity. Make an appointment to see an independent mortgage consultant.

4 Scan your savings

Banks and building societies profit from our lethargy. Do you know what interest rate your cash deposits are attracting? If not, find out and see if you could do better. Comparison sites such as www.moneysupermarket.com and www.comparethemarket.com are helpful.

5 Dig into your debt

Do you have a strategy for repaying any unsecured debt (such as overdraft, credit card balances and personal loans)? Are these balances increasing rather than reducing? Could you transfer or consolidate the debt to reduce interest and other charges? Don't let these issues spiral out of control; take charge and address them, even if this means cutting back elsewhere (see tip 2).

6 Cover for catastrophes

Have you considered the financial consequences of your ill-health, redundancy or death? Make sure you are adequately insured, or have sufficient savings to fall back on. For an indication of the cost of payment protection insurance, income protection or critical illness insurance, visit a comparison site such www.confused.com or www.fool.co.uk or ask an insurance broker for a quote. Brokers such as LifeSearch - www.lifesearch.co.uk - can help.

7 Build an emergency fund

If you don't have any savings, try to start establishing some by perhaps making a monthly standing order to a cash individual savings account (Isa). Your bank can help. Everyone should have sufficient cash to fund essential expenditure for at least three months. If you currently don't have any surplus income to put something aside in this way, consider cutting back on other non-essential spending for a while until the emergency fund is in place. Once established, only use the fund in the case of an emergency.

8 Pep up your pension

Do you know what retirement is likely to look like for you financially? If not, it may end up feeling more like your longest period of unemployment rather than your longest holiday. Review your retirement savings, preferably with expert help from a well-qualified and impartial financial planner (see www.unbiased.co.uk to search for an adviser local to you).

9 Check your insurance

Many of us simply renew our existing car and household insurance without shopping around but, while convenient and time-saving, this approach may be costing you dearly. Contact an insurance broker or visit a price comparison website such as www.gocompare.com or www.uswitch.com before renewing.

10 Invest in advice

Consult a financial planning professional to design your personal financial plan. Although it will involve paying a reasonable fee for their time and expertise, it should be money well spent. See www.financialplanning.org.uk or www.findanadviser.org to search for a financial planner or www.unbiased.co.uk to find a local independent financial adviser. Unbiased can also be called on 0800 085 3250.