If your income seems to disappear before your eyes, you are not alone. The challenge of having to scrape pennies together to make ends meet is a harsh reality for many families across the UK, and if you, too, are struggling to keep your head above the water, you must take action to make your hard-earned cash last from one pay-day to the next.
Keep track of your spending
If you are confused as to where your money disappears to every month, keep track of your spending habits by writing down all of your expenses over the course of a few weeks. While this may seem like a chore, it will help you to determine whether you have any money to spare at the end of the month. If you find that you are seriously lacking in cash, you will need to think about cutting back on your expenses.
Cut down on your non-essential expenses
Once you have made a list of all your outgoings, you will be able to determine whether you could save money by cutting out non-essential items. If, for example, you are paying for things that you don’t really need or could do without, like memberships, subscriptions and extra TV channels, this might be a place you can save some money. Similarly, if you are prone to ordering daily takeaway coffees during the course of your working day, you may wish to consider investing in a flask and making your own coffee instead. If, despite your best efforts, you are still struggling to curb your spending, ditch your credit cards in favour of cash. You will become more conscious of your daily purchases, making it easier for you to manage your budget.
Review your essential expenses
As well as looking at your non-essential spending, it is also worth reviewing some of your larger outgoings. You can save money on almost every aspect of your household expenses, from your energy bills to your car and pet insurance. However, when it comes to finding the best deals, you will need to research your options. Price comparison sites can, in most cases, help you to unlock cheaper deals, but it is essential to remember that some companies choose not to feature on these sites, which means that you will need to obtain their quotes individually. By taking the time to look at the deals on offer, you will be able to determine whether you are paying over-the-odds for the products and services you cannot live without.
Sometimes the unexpected happens
And despite all your efforts at getting on top of your finances, sometimes the unexpected happens. A blown tyre, a trip to the dentist, a broken TV. None of them can be foreseen but still need to be paid for. However you need not despair. A MYJAR short-term loan could help you to make it through to your next payday. As a responsible and ethical lender, MYJAR will only agree to provide you with the money you require if you are certain that you will be able to make your repayments in a timely manner and you will not have to worry about falling further into debt.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk