When it comes to reaching your money goals, sooner is always better. If you are trying to pay off credit card debt, the longer you carry the debt around, the more interest you will repay overall. If you are trying to reach a savings figure, the sooner you begin saving, the more you will end up with overall thanks to the wonder that is compound interest.

In the interests of speed, it is often necessary to resort to a budget that allows you to reach your goals as quickly as possible. If you are new to budgeting, it is important to leave yourself enough ‘fun money’ so that you can still live your life while working toward your goals. If you go cold turkey right away, you aren’t likely to ever reach your goals because a week of self-denial will result in big spending blow outs that leave you in a worse position than you were in to begin with. Finding the right balance is important.

But when it comes to things you really CAN do without, like that morning coffee or the latest issue of Vogue or Grazia, it’s much better to be strict with yourself from the start. Even though it’s easy to think ‘well it’s only £2 for a coffee so that won’t break the bank’, it’s far easier to come to terms with not spending if you aren’t constantly spending little amounts here, there and everywhere.

Try to think about it like this: if you are spending £10 a week on your morning coffee, it doesn’t seem so terrible to then spend another £20 on your lunches, and maybe another £30 in Topshop on your lunch break. But if you are being firm with yourself about that morning coffee and making a cup at home before you leave the house, that £20 on lunches and £30 in Topshop suddenly does seem like a big deal.

So while it’s important to have some money to play with, it’s equally important to keep a reign on spending lots of trifling amounts here and there, because you can slip back into the habit of spending not so trifling amounts pretty quickly. Spending a little can often lead to spending a lot, without even realising it. By training yourself out of these habits, you will reach your financial goals more quickly. It all adds up!

Top tips:

• Withdraw your ‘fun money’ from the cashpoint at the beginning of the week. Once it’s gone, it’s gone.

• Leave your cards at home, so if you decide you want to buy something you have to go home and get the cards, giving yourself time to think about it – and probably lose interest!

• Compromise with yourself. If you can’t give up your morning coffee, try investing in a cafetiere for your desk. It will still save you money in the long run.

• If you slip up one week, start again the next. You will probably have a few wobbly moments here and there – that doesn’t mean you have to give up altogether, just keep going.