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When the cash runs out - what do you stop doing before payday?
Published 3 October 2013
When money is tight at the end of the month, lots of us find ways to last out until payday. But there are ways to manage your money more effectively.
It’s feeling properly autumnal now we’re into October – and it’s the time of year where animals start to think about hunkering down for the winter. While we may not be doing anything quite so drastic, some of us do adopt our own form of hibernation when money is tight (in many cases, at the end of every month).
Earlier this year we did some research* and found that one in four people avoid going out towards the end of the month because they are too strapped for cash.
While missing a night on the town might not seem much of a sacrifice, consider the fact that that over a quarter of us say we cannot buy food in the run-up to payday. Instead, we live on the food that is in the fridge, freezer and cupboards. Although it does turn out that women are more reliant on what’s left to eat at home – 30% said they had to resort to this, compared with 21% of men.
And that’s not all. Respondents to our survey also told us that, by the end of the month, they try to eke out what's left in their petrol tank rather than visiting the petrol station – 16% said this. Others delay spending money on anything that isn’t totally essential.
Why is money so tight?
Not everyone is good at balancing the books, especially when the economy is doing badly. It can be tough to keep track of spending when so much else is going on, not to mention those unexpected outgoings that can foul up even the most perfect budget plan. And, when things are really bad, it’s also tempting to stick your head in the sand.
What’s the solution?
No one can wave a magic wand and wipe out debts and financial commitments. But there are steps you can take to improve the situation.
If you’re struggling to stay in the black, you should take a good, hard look at your outgoings and see if there’s anything you can cut back on. Or perhaps get some advice about keeping on top of your finances?
At thinkmoney, we have a team of Money Managers who are here to help our customers with their finances. They won’t judge you or be critical. They help make sure your bills are paid on time and provide day-to-day support with budgeting. Find out more about our Money Managers.
*OnePoll surveyed 2,000 adults on May 2nd, 2013