With the frenzies of Black Friday and Cyber Monday out of the way for another year, many people's bank balances may be in need of a bit of TLC. To get them back on track, why not take a look over your finances now and perhaps consider starting a new savings habit?

Rachel Springall, a finance expert at Moneyfacts.co.uk, suggests taking a step back to see how you're going to afford all those Christmas gifts, particularly if you've managed to store up little to no savings over 2018. And those relying on credit to get through the festive season should try to clear their balances before charges start to kick in.

"Those who have felt financially unstable this year may need to take some time out to assess their overall household expenditure and work out whether they could afford to cut back, and how they can build up a savings pot moving forward," says Springall.

She suggests making the most of free mobile apps to help with budgeting.

While it may be too late to save enough to cover the cost of this Christmas, starting now could help with next year.

Ms Springall says: "If consumers saved just £120 a month for the next year then they would have more cash saved than the average cost of this year's Christmas spend, which American Express estimates to be £1,206 per person. The determination and commitment to put cash aside should make next Christmas much more affordable - and possibly less stressful - than this one."

For those who do frequently have some spare cash left over from pay packets which could be put away, Springall suggests: "One way to get into the habit of saving monthly would be to commit to a regular savings account, as these are designed for consumers to make frequent deposits.

"They are more rigid than easy access accounts, and harsh penalties can be applied if payments are missed or withdrawals are made, so they are most suitable for savers who need a strict savings plan and who wish to avoid dipping into their cash early."

For those looking for alternatives to regular savers, Springall highlights notice accounts for those who have a lump sum to invest, which offer more flexibility but also allow savers to feel safe in the knowledge that they can withdraw their funds by giving some notice. "These accounts may be especially desirable for savers expecting higher interest rates next year and who want an opportunity to reinvest their cash, such as in 180 days' time."

If savers are not prepared to lock their money away, then an easy access account could be an option - but in order to really build up a decent-sized pot, Springall says the golden rule of saving towards a goal is not to dip into any pot, unless it's totally unavoidable.

POUNDNOTES

Financial fact: The Bank of England has received more than 174,000 nominations so far for who from the field of science should appear on its new £50 banknote. People can continue nominating until December 14. Find more information at bankofengland.co.uk/banknotes/50-pound-note-nominations.

23% OF WORKERS 'THINK RETIREMENT WILL BE A FINANCIAL STRUGGLE'

Older workers are more downbeat about their chances of having enough money to enjoy themselves in retirement than younger employees, a survey by Aviva has found.

Only one in seven (13%) people aged 56-65 think they will have enough cash to really enjoy their retirement, as do 12% of 46-55-year-olds. This compares with nearly a quarter (24%) of 22-30-year-olds and 19% of 31-45-year-olds, who are confident they'll have enough put by to really enjoy their later years.

Across all age groups, nearly a quarter (23%) of workers believe their retirement is likely to be a financial struggle.

DOGS ARE IN FOR FESTIVE TREATS, SURVEY FINDS

Two-thirds of dog owners say they buy Christmas gifts for their pets, according to American Express. The research, commissioned to mark Small Business Saturday (December 1), found that the festive season is a bumper time for the nation's dogs, as doting owners will spend an average of £18.42 per dog on treats and gifts. A quarter (25%) of dogs will receive a Christmas stocking, and over one in 10 (12%) will find themselves dressed for the season in a canine Christmas jumper!