Family financial advice body Nibud has come up with three rules to help people keep better control of their finances – and that includes saving 10% of their income every month.

Nibud also says consumers should check their bank balance and outgoings every week and draw up an annual budget and spending plan.

Nibud research shows that 45% of all households are struggling to get by and 40% are behind on payments. One in five households are facing serious payment difficulties.

Getting into financial trouble, Nibud says, is not just something for low income households and high earners will still face problems if they’re too impulsive in their spending habits and don’t have savings. Of people with payment difficulties, 70% have less than €1,000 in savings, the institute says.