Are you part of the third of UK adults who spend all their wages within one week of being paid? Cashback website Quidco also found out that 42% of us struggle to make our wages last the whole month. They also found that one in four of us will buy clothes as soon as we get paid and the same amount will splash out on a big night out once our pay lands.
Whilst it’s nice to treat yourself once in awhile (after all it’s your money, you worked hard for it), once you’ve spent it on your night out it’s gone, and you might be leaving yourself short until the next payday.
One way to lower the risk of running into serious financial trouble is to prioritise your spending. Sort out your essential payments, like your rent, council tax, utility bills and travel costs to make sure those are covered before you start spending!
Also figure out what you are spending your money on. If you always find yourself feeling like you have not enough money and not much to show for it, keep a spend diary where you can track exactly what you have spent your money on. You might find out you are spending too much on frivolities and not enough on essentials. This will help to give you clarity and overall, the motivation, to change your spending habits for the better.
With Monese you don’t need to worry about staying on top of your finances. Using the Monese app you can send and receive money in real-time, no waiting. You can make currency transfers for only 0.5% above the mid-market rate; which is one of the best rates available. Using our app you can also make payments, check your up-to-date balance, review your transactions, get paid to invite friends and use our new Insta-balance feature.
Main photo credit: michael_d_beckwith