How to clear your credit cards

If you have savings with a bank or building society, you will be paid interest on your savings. You can find out how much by getting hold of your last statement detailing what interest has been paid.

Which statement this is will depend on when your interest is paid. If you are paid annually, then the statement you get either at the end of the calendar year, or the end of the financial year - so December or April - will be the one to list your interest.

If the interest is applied quarterly, then you will need to check four statements, and 12 statements if the interest is applied monthly.

If you are paid dividends on your share or fund investments, then you should be sent a notification of how much of a dividend you have been paid. They are usually applied twice a year, and the date will depend on the accounting period for the company you are investing in.

Use these figures to work out your average monthly income from savings interest and dividends.