News Article

Is poor budgeting preventing you from paying your bills?

Published 27 January 2014 by

How many of us can honestly say that we pay our bills as soon as they arrive? If the answer is ‘no’, you’re not alone. In fact, almost a third of people admit they have put off paying a bill immediately because they couldn’t afford to pay it.

A recent survey* we conducted revealed that a further third of Brits have, on at least one occasion, spent the money they were supposed to save for a bill they were expecting. Those aged 18 to 24 years old were the most likely to make this mistake, but at least one in four Brits continue to make it until they’re 55 years old.

So, what’s causing this behaviour?

Mental budgeting

One reason might be our over-reliance on memory power when it comes to budgeting. More than half of the people we spoke to revealed they ensure they have money to pay their bills each month by mentally setting aside the funds they need. However, we all lead busy lives and it’s incredibly easy to forget things like this.

When you make a proper budget, keeping track of exactly how much money you have available to spend on things like going out, new clothes or computer games is simple, because you know exactly how much to save to cover your bills. Having said that, money management is not the most exciting of activities, and it may be that even if you’ve made the effort to set yourself a budget and keep an eye on your income and outgoings, you soon start to forget to stay on top of it.

That’s where we can help. The thinkmoney personal account separates the money you need to pay your bills each month from your disposable income, so you know exactly what you have available to spend. Even better, you never miss a bill payment, as the money for it has been kept safe in a separate part of your account.

The thinkmoney account, for which fees are payable, is designed to make budgeting simple and to help ensure you don’t lose track of your finances. And because we make sure your bills are paid on time, you can get on with enjoying life’s more exciting pursuits.

*OnePoll questioned a nationally representative sample of 2,000 adults aged 18 and over between 10th January and 15th January 2014.

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