Budgeting efficiently can help you to gain control of your finances and make sure you know exactly where your money is going. However, according to new research by budgeting account provider thinkmoney*, less than 40% of us claim to have our finances completely under control.
Whilst nearly 6 and a half million people say they often feel their finances are out of control, a further 3 million admit to feeling as though they are never in control.
Being aware of exactly where your money is being spent and being able to have a grasp on whom you're paying and when you pay them is important to ensure you're not hit with any unexpected charges or bills.
It also seems that around 40% of us feel out of control in all other aspects of our lives, including work, our children, our love lives, our health & fitness, food & diet and our social lives.
Under half of us (47%) claim to feel in complete control of our own health and fitness, which is substantially lower than all other aspects of our lives, as the table below shows.
When it comes to age, it seems that the older you are, the more likely it is that you have most aspects of your life under control. 18-24 year olds are almost three times as likely to feel their social lives are out of control as years 55+.
More than twice as many of years 55+ feel in control in the workplace as ages 18-24, where nearly twice as many 18-24 year olds feel out of control in the workplace as years 55+, where nearly 60% of the youngest generation claim their work lives are out of control.
The younger generation seem to generally feel more out of control in all aspects of their lives, with only years 25-34 feeling being less in control of personal finances.
|% of people feel out of control|
|My own health and fitness||53|
|My food and diet||45|
When it comes to personal finances, it seems that those living in the South East are more likely to have their finances completely under control, with nearly half (49%) stating they have nothing to worry about financially.
Conversely, only 16% of people in Northern Ireland appear to have their finances completely under control… Instead, they are more likely to sometimes feel out of control despite the fact their finances are quite well ordered (52%).
"It's important to feel like you're in control in all aspects of life", said Ian Williams of budgeting account provider thinkmoney. "But it's especially important when it comes to personal finances.
"Being in control of your personal finances can help you to handle your money better and make sure you're not hit with unexpected charges or left feeling stressed about whether or not you have enough cash for the month.
"It's concerning to see that over 60% of us struggle to keep control of our finances. The thinkmoney Personal Account is designed to help put you back in control of your finances by setting aside enough money to cover all your essential bills, so that you know exactly how much money you have available to spend."
Providing a built-in budgeting service, the thinkmoney Personal Account comes with a straightforward monthly management fee of £14.50 (£21.25 for joint accounts) – and no charges for rejected or missed payments.
* OnePoll Research carried out a survey of a representative sample of 2,000 UK adults on 24.05.13. Figures have been extrapolated to fit ONS 2013 population projections of 50,371,000 UK adults.