THE recession has wiped millions off the value of shares and hit people's finances everywhere.

However, the economic gloom is also the perfect opportunity to take a long hard look at money matters and household bills.

And personal finance is one of the key areas of focus of the Mail's Bounce Back campaign.

The initiative, launched this week, is aimed at uniting the region on the road to recovery.

Bringing together representatives from many of East Yorkshire's best-known businesses and public sector organisations, the campaign will provide ideas and advice to ensure the area emerges from the recession in the best shape possible.

As part of this, we will be giving practical help on how to organise your finances to make your money go further, and advice on debt-management for those suffering with costly monthly repayments.

Emma Burgin, from the Hull Citizens Advice Bureau (CAB), runs free workshops to help people manage their money, choose financial products and deal effectively with their bills.

She says: "Managing your money can be a challenge, especially if you are on a limited or fixed budget.

"But you can take control of your finances – and even save for a rainy day – and it certainly seems that rainy days are here."

Emma advises keep a spending diary so you can see where your money is going.

"Try writing down what you spend each day for a month," she says.

"Then decide which costs are a necessity and which are a luxury, which can be cut back if you're struggling.

"Checking your statements is crucial – make sure you know what companies have charged you.

"I've had one client who didn't realise she wasn't receiving her pension for two years."

She recommends aiming to save three to four months of your salary.

Emma told the Mail: "This will provide a security blanket if the worst should happen, such as being made redundant.

"And don't forget to budget for occasional items, like holidays, birthdays and other special occasions."

But this is easier said than done if you are in the red. And if you have found yourself owing money then you are not alone.

Hull Citizen Advice Bureau (CAB) has reported dealing with about £2m of debt on behalf of its clients in just the past three months.

Six out of 10 people who go to the CAB for advice are enquiring about a debt issue – up from 46 per cent last year and a 19 per cent increase during the last quarter alone.

Leslie Thornley, Hull CAB district manager, said: "Many more people have come to us to ask for help with debts from mortgage arrears, unsecured personal loans and fuel and utilities bills.

"An increasing number of people are also asking for advice regarding council tax and fuel debt.

"These people might not have needed our help but because of redundancy or short-term working they are finding themselves overstretched."

One woman from Bransholme, who did not want to be named, found herself in £8,000 of debt after the floods in 2007.

She said: "We needed to start from scratch with new furniture. We took out a credit card and overdraft to help.

"We were struggling to pay our bills and we were in a position where the credit card company told us they couldn't help us unless we defaulted on our payments.

"I thought this is ridiculous and went to the CAB. They negotiated with our creditors and put us on a payment plan we could afford.

"This was last year and now we're well on our way to getting straight."

Ms Thornley stresses that people seek help before they face court, the bailiffs or bankruptcy.

She says: "I'd advise people to go much sooner and perhaps getting to that stage can be avoided."

It is also a good idea to look at ways of maximising your income. For example, check your payslip to make sure you are on the right tax code. And make sure you are claiming any benefits or tax credits you may be eligible for.

The CAB can offer advice on debt issues, benefits, housing matters, increasing your income, budgeting and managing your money.

To book a place on the financial capabilities course visit the Hull CAB's website, e-mail financialcapability@hullcab.org or call (01482) 328990.