Suffering from a festive financial hangover? Try the FSAs detox plan

Step 1
Take stock: You cant plan for the future until you know for sure where you are at present. Use the personal budget calculator on FSA Financial Planning, our new interactive CD Rom, to help you work out whats left once youve paid all your living expenses. Its available free from the FSA Consumer Helpline on 0845 606 1234.

Step 2
Set goals: These will largely depend on where you are in life. The rule of thumb is to clear expensive debts - on your credit card or store cards for example first. That way, you can avoid having to fork out large amounts in interest. Also try to build an emergency fund so you can cope with unexpected costs. Then you might want to consider your medium and long term priorities. That probably means paying off that credit card bill before you book your summer holiday.

Step 3
Choose the products that are right for you: There are many types of financial products, but which is the right one for your individual requirements? Think about what you can realistically afford and whether you are happy to invest in a product based on stocks and shares, which can be risky, or to save in something safer like a bank or building society savings account. Use the FSA consumer guides which offer impartial, easy-to-understand information - to help you get better informed on financial products and services and know the right questions to ask before you make any decisions.

Step 4
Shop around for the best deal: There are hundreds of companies and products to choose from so youll need to shop around to find the product that suits your needs at the best price. For what you need to know about each type of product see the shop around section on the website at www.fsa.gov.uk/consumer/. Once you know what to look for, check out the FSAs Comparative Tables at www.fsa.gov.uk/tables/ which will help you compare a range of financial products and draw up a shortlist to investigate further. Whatever happens, dont be hurried or charmed into signing up to anything. A good deal today will still be a good deal tomorrow.

Step 5
Check that the firm is authorised by the FSA: For individual advice that is specific to your situation you may want to consult an authorised financial adviser. Always check that the adviser belongs to a firm that is authorised by the FSA. If the firm isnt authorised, you will not enjoy the protection offered by the compensation and complaints arrangements. Call the FSA Helpline on 0845 606 1234 or visit www.fsa.gov.uk/consumer/ and click on Firm Check Service.

Step 6
Review your plan regularly: As both your life and the world changes, you will need to adjust your financial plan to ensure that you are on track to meet your financial goals. This should be done at least once a year for your major goals, such as paying off your mortgage or building up a pension fund. Or whenever your circumstances change, for example when you get a pay rise, or you get married or divorced. Do it regularly and youll be less likely to need another detox next January!

Above all, use your common sense. If the rate of return of a financial product sounds too good to be true, it probably is.

Notes for editors

1. Copies of the CD Rom FSA Financial Planning and a comprehensive range of FSA Consumer Guides are available free from the FSA Consumer Helpline on 0845 606 1234.

2. The FSA guide to financial advice helps consumers know the right questions to ask and how to prepare effectively before consulting a financial adviser.

3. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; the protection of consumers; and fighting financial crime.

4. The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.