7 Money-Saving Tips So You Don’t Run Out Before Next Payday
We do our best when it comes to managing money – but for some, it’s not enough. A survey by TheMoneyPig.com suggests 64% of Brits run out of money before payday, with 28% opting to borrow from friends, family or both.
It’s no wonder some of us are rubbish at managing our finances, though – schools don’t teach us it (would’ve been useful) and as adults, we have to contend with the often overwhelming world of money – increasing interest rates, overdrafts, tax confusions, credit rating woes, and hard-to-navigate booklets we never read.
According to a recent YouGov survey, 29% of people say their financial circumstances have worsened in the past six months, and with new overdraft rules about to come into play, it’s time to get on top of things.
Here’s how to make sure your money lasts – so you’re not caught short before your next payday.
Related...
#1 Budget like a boss
The key is to plan – and yes, it might sound mind-numbingly boring (we know, you’d much rather be doing literally anything other than financial planning), but it will save you stress at the end of the month, week, or whenever you get paid.
Money expert Kane Georgiou, from TheMoneyPig.com, urges people to use a cashflow sheet – basically a budget planner – which details what money is coming in and out of your bank account every month.
“All expenses should be written down and accounted for, so you know exactly how much you have left,” says Georgiou. The Money Advice Service has a budget planner tool to get you started.
#2 Shop around for cheaper bill providers
Once you’ve done this, reassess what you’re spending every month. Andrew Johnson, money expert at the Money and Pensions Service, says a good way to cut back is to shop around for the best deals on essentials like energy or broadband.
“Check comparison sites to see if...
