Hands up all those who have reached the end of the month only to find themselves face to face with a bare cupboard and an empty fridge? If this were a savvy saver support group and not a thrifty blog, you’d see that you’re not the only one with your hand in the air and a sheepish look on your face. Wages only stretch so far and without the proper budgeting tools it can be very easy to splurge your money all at once. What may seem like harmless financial fun of the moment can leave you scrimping and saving a few weeks down the line. Not so enjoyable now, eh?
And yet we’ve all found ourselves staring down the bare end of a bank balance from time to time. So without further ado, here are 6 reasons why you’re always skint at the end of the month. Yes, you…
£ – You Went For Too Many Fancy Meals
A celebratory ditch that’s easy to fall into, there’s no denying that it can be quite tempting to treat yourself to a fancy meal or five, following the arrival of your monthly wage slip. Beware: one of these trips can be harmless but make sure you don’t over do it. It’s easy to pile on the drink refills and grand desserts when you’re confident your bank balance is healthy but once you receive the bill there’s no going back. Talk about painful indigestion…
£ – You Went On A Spending Spree
“What’s this? A freshly replenished bank account! TO THE SHOPS, PRONTO!” Sound familiar? That’s because you’ve probably done it one too many times. Don’t worry though, we all have. After a few tough weeks, you can’t really be blamed for heading straight to the high street come payday. However, to avoid those dark days where you’re living on nothing but cheap baked beans and dust, you might want to consider limiting the amount of cash you spend on yourself.
£ – You Took Out More Than You Needed At The Cash Machine
This is a dangerous one. Withdraw too much money at the cash point and what are you going to do with it? Save it for a rainy day? – no, you’ll spend it. You’re going to spend it all as fast as you possibly can on anything your hungry eyes spy. It’s a slippery slope, so instead of flexing those button-loving ATM fingers try to only withdraw small amounts. Your bank account – and your conscience – will thank you.
£ – You Didn’t Do A Big Food Shop
Sure, doing a big weekly shop may result in a few items reaching their best-before date before reaching your belly, but it’s far easier than finding some much needed grub at 7pm on a Tuesday evening when your closest store is a pricey Waitrose. Visit big chain supermarkets like ASDA or Tesco once a week and you’ll find cheaper prices than those in their offshoot ‘Express’ stores. Don’t, and well it’s no wonder you’re scraping the barrel come the end of every month…
£ – You Had To Pay Off Your Credit Cards
Uh-Oh! In the depths of your darkest hour you caved in to the faux-sympathetic offerings of the bank man who promised that his credit card would soothe your financial woes. You only spent a little bit at first …then a little more…and then a teeny bit more on top of that – and it saw you through to the end of the month scarily well – but now payback day has arrived. To avoid the grasp of deadly debt you’d better pay off what you owe, sharpish. Being skint ay? Nobody wins.
£ – You Forgot To Check Your Bank Balance
PFFT! You’ve just been paid, why would you need to check your bank balance so soon? It’s exactly this type of thought that’ll go pinging around your mind whenever your bank card enters the chip and pin machine. And why worry? Your trusty brain is right, you HAVE just been paid. So let’s get spending! It’ll continue like this day after day after day until the shop assistant’s smile suddenly starts to fade. “Wait…what’s that? Card declined, you say?” Sounds scarily familiar…
Sound Like You?
If these points serve as a little reality check, then you might want to consider tightening your belt a little. There’s no shame in it. In fact, a bit of budgeting will help put your mind at ease and if you do it right it can better your standard of living. Money saving experts suggest employing a 50/30/20 rule. This easy to remember technique suggests that you divide your monthly wage into three segments –
50% = Should go on your monthly essentials, such as rent, food, clothes and utility bills.
30% = Should go on yourself. Indulge in some luxuries without going over your allocated budget.
20% = Should be saved away. It may seem tough but it’ll be worth it in the long run.
You’ll find plenty of useful advice on sites such as MoneySavingExpert.com, which is packed with useful information.
Are you skint at the end of each month? If so, why do you think that is? If not, what’s your secret? Let us know in the comments section below!
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