Keeping track of expenditure is one of the best ways people can ensure they are paying enough into their savings accounts, an expert has said.

Ed Bowsher, head of consumer finance at lovemoney.com, explained that careful budgeting is the best way for people to make their money last longer.

He continued: "Keep a record of everything you spend for at least a week, right down to a Mars bar or an apple."

Mr Bowsher highlighted that this will allow people to determine where budget cuts can be made, therefore enabling the person to set themselves a realistic allowance.

His comments follow the release of data from the Finance & Leasing Association, which revealed that many consumers are currently concerned with taking on more credit.

New business in the credit sector was found to have fallen by seven per cent in March this year compared to the same month of 2010.