Families are facing a number of financial pressures at the moment.
Increasingly expensive energy bills, coupled with the sky-high cost of petrol, means now more than ever mums and dad have to draw up a budget.
Keith Churchouse, director of Chapters Financial Planning Limited, noted it is important that families sit down and work out how much money they have to spend.
"They should have a look at their pay slips, have a look at what is going into their households, have a look at their outgoings," he added.
Mr Churchouse went on to note the ultimate goal is to see if any savings can be made to ease any pressure they may be feeling.
The expert thinks it is important that everyone in the family is involved as it brings "unity to the process".
Children may also benefit from being part of this activity, as it will stand them in good stead when they have their own money to look after.