Financial tips to help you survive 2008

By Jennifer Hill, Personal Finance Correspondent

LONDON (Reuters) - Christmas is but a fading memory, credit card statements are about to hit doormats and warnings are coming thick and fast that 2008 is going to be tough.

The fallout from the credit crunch -- the end of easy credit and prospect of higher mortgage costs for many -- coupled with a depressed housing market and higher fuel prices means this year looks set to be one of the most difficult for some time.

Add to these factors overindulgence over the festive period, and, for many, the financial hangover is going to be severe.

Some 28,000 people will become insolvent in the first quarter of 2008, chartered accountant Grant Thornton predicts, a third of whom are expected to file for bankruptcy as a direct result of Christmas debt.

"Many people are predicting that it is going to be a tough year in the personal finance world, so now is the time to get prepared for the rough ride ahead," says Julia Harris, an analyst at price comparison service Moneyfacts.co.uk.

So, what can you do to get your finances in shape for the year ahead? Here are some top tips:

* Debt

Compile full details of your assets and liabilities by writing them down or using a spreadsheet.