Personal finances - not much fun but something we all could get a better handle on.

Many of us are having to manage with less at the moment so taking control of what's coming in and going out will help you muddle through this tough time. Now one leading financial expert has shared her advice for anyone concerned about money. Nicole Lapin believes that we should all have a three-part spending plan for our cash.

“I normally talk about a spending plan in the same way as I talk about an eating plan, instead of a budget because a spending plan like an eating plan allows for small indulgences,” the US-based broadcaster and author told the Girlboss Radio podcast this month. “You don’t end up bingeing later on.”

Our spending plans during the pandemic, she says, should focus on three things: essentials like food, housing, transport, insurance and medicine; an end game (savings and investments) and extras, i.e. treats like takeaway coffee and getting our nails done. Right now, she continued, we should put 65 per cent of our cash into essentials, 30 per cent into our end game and just five per cent into extras.

“You have to just cut back on everything right now. The bottom line is you have to just reign it in," Nicole said. “Try to squirrel away as much as you possibly can and when it comes to the essentials negotiate everything you possibly can. “Call all of your major bill collectors and try to get a hook-up… more often they will throw you a bone rather than lose you as a customer. If you don’t ask the answer is always no. It takes a little bit of time but it will pay dividends later on.”

Lastly, don’t be afraid to dip into your emergency savings. We’re living through unprecedented times, she added; just the type of emergency you (hopefully) have been putting away money for.

“We’ve heard about the rainy day fund forever. “It’s raining so it’s time to use that fund! You will get it back in the future.”