Britney SpearsBritney Spears has reportedly been put on a tight budget after a year of vast overspending.

The star had her credit cards taken off her when her dad Jamie Spears and estate lawyer Andrew Wallet were appointed her conservators at the start of February but even as her personal freedoms are gradually returned, her team are said to be keen to keep her expenses under control.

A source told OK magazine: “Britney was never worth nearly as much as many thought she was. Those figures of $100 million or more were so off the mark.”

The source estimates the true figure is closer to $40million and the estate team are keen to make sure that money will not be frittered away. This week her conservators were given permission to reduce her luxury car collection, selling off or cancelling the leases on nine vehicles, and as of 1st April, are said to be pulling out of her $30,000 a month lease on a property in Malibu because she’s not been there for months.

The source added that her previous spend of $100,000 a month on entertainment and holidays is expected to be cut to just $10,000 and her $16,000 a month clothing budget will be at least halved.

But her major expenses over the last year have been round-the-clock security, legal and medical bills: “Her legal bills alone could top $1 million this year.”

“It’s taken a huge team to bring some normalcy out of the chaos that existed. This team will have to be in place for years.”