Skipton Financial Services - part of Skipton Building Society - has today published some simple steps to storm-proofing your family's finances. Spokesperson, Matthew Cox says: "People will spend 10 times longer planning a holiday than planning their finances yet only the latter will give their family long-term security and peace of mind.  Now is not the time to be an ostrich and put your head in the sand - now is the time to adopt a battle-like mentality and do everything you can to protect yourself for anything the coming months might throw at you."

1. If you are worried that you have neglected your finances, the first and best bit of advice is to do a simple budget plan of what you have going in each month and, more importantly, what your monthly outgoings are. It is much quicker and easier to reduce what's going out each month, than increase what's coming in, and you may be surprised to find out you have a deficit each month.

2. With the price of utility bills rocketing, switching from uncompetitive gas and electric suppliers could save you a packet each month. You should also review any other providers you are not tied into, including mobile phone, landline and broadband suppliers, here.

3. Cancel any non-essential regular payments. For example, consider going pay-as-you-go at the gym if you are not getting value from the monthly membership fee. Also check all your current direct debits as you may find you are paying for something you no longer need so you may be able to cancel some payments.

4. Ideally everyone needs to have three to six month's salary (at least £5,000) on instant access for short-term needs and emergencies but it is vitally important that this cash is still working hard for you. Make sure yours is working as hard as possible by comparing the best savings rates.

5. Check any outstanding credit card or loan debts. If you are not paying 0%, it is likely they are costing you more each month than you are receiving in interest on your savings than you should pay them off immediately, rather than leave surplus cash sat in an account. Either that or transfer your credit card debts to a 0% deal. Check out the best credit cards here. 

6. Ensure you are utilising your Isa allowance for preferential tax treatment - currently £3,600 for cash Isas and £7,200 for stocks and shares Isas. Don't assume stocks and shares Isas mean lots of risk. There are products out there which can guarantee your capital if that's what you need, with others which don't offer such a guarantee but do offer the potential of much greater returns. Compare the best Isas here.

7. It is important to ensure you have the right kind of protection for you and your family. Those with young families are probably most at risk if a recession hits so you should ensure you have adequate life insurance and, if you are nervous, take out mortgage payment protection insurance. Check out the best deals available here.

8. Review your existing investments with a whole of market financial adviser, who may be able to increase the income you receive each month, to take the pinch off over the coming months. If you are concerned about inheritance tax, there are ways you can invest to receive regular income, whilst mitigating IHT. Visit www.sfsinvestdirect.co.uk.

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