Recent research from thinkmoney shows that 6% of people in the UK - equivalent to 3 million - feel constantly out of control of their finances.
Of course, most people feel a bit out of control of their money from time to time. 60% of the people we asked said that they feel out of control at least occasionally. However, to feel out of control of your money every single day is something else entirely.
If you're in this position, there are a few things you can try to get your finances back on track. Here are a few suggestions from thinkmoney.
Check your budget
If you often feel out of control of your money because you can't keep track of it, you need to make a budget - or improve it if you already have one.
Once you've drawn one up, you should be able to see how much you spend vs. how much you earn each month.
If you spend more than you earn, you'll need to look carefully over all your spending and see whether you can make any cutbacks.
Let us budget for you
Sometimes making a budget isn't that simple. Perhaps you have several incomes coming in at different times of the month, or you might just want somebody else to do it for you.
In this case, the thinkmoney Personal Account could help. It works like this:
- Your incomes - for example wages, pensions and benefits - are paid into one side of the account
- The money you need for your bills - like your mortgage, rent, Council Tax, utility bills, TV licence etc. - is frozen in this side of the account, and your bills are paid on time
- The money that's left over is moved into the other side of the account, which you will get a debit card for. You can spend this money however you like because you'll know your bills are taken care of.
This whole process is overseen by our Money Managers. As long as you tell them about all your regular financial commitments - and pay enough money into the account each month - you'll know that your budgeting is taken care of.
Find out more about how the thinkmoney Personal Account works here.
If you've lost control of your finances, and no amount of budgeting is going to make it better, you need to seek expert financial advice as soon as possible. There are lots of companies and charities that will look over your situation with you and recommend an appropriate course of action. All you need to do is get in touch with them. Here's a list of services that offer free debt and money advice.
It's also worth looking at the benefits you might be entitled to and ensuring you're claiming all of them.