Finance| Fen
Pay Day Blues F
inding yourself short of money before payday is not an uncommon occurrence, and money fears are often at the forefront of many minds – even before the Coronavirus crisis. According to a recent YouGov
survey, 29% of people reveal their financial circumstances have worsened in the past six months. A worrying 64% of respondents admitted to running out of money before payday, with most running out five days before the next one, on average. To find out just how serious our financial issues are, money saving experts at TheMoneyPig. com surveyed 1,443 Brits to determine the state of personal finance across the UK. A huge 53% could only go one month or less without borrowing money if they lost their job. In fact, only a quarter of respondents (25%) stated that they could go six months or more with their current savings. Additionally, only 55% state that they put money aside as soon as they get paid, revealing that 45% of Brits are unable to put money aside at the end of the month,
TOP TIPS
1. Create your personal cashflow sheet and keep it updated. All expenses should be written down and accounted for, so that you know exactly how much you have left at the end of the month.
2. When you know your total monthly available budget to spend, try taking it out in cash and only using cash for purchases for the month. Using a debit or credit card for all purchases is an easy way to rack up debt without knowing.
PURSE STRINGS TIGHTEN FOR MANY…
possibly due to a low income or too many outgoing expenses to account for, with the majority being male (57%).
BAD FOR HEALTH
Concerned about the effects finance has on health, the survey asked participants, ‘Have money worries ever negatively affected your mental health?’ A whopping 66% stated that it has, showing that money concerns have negatively affected more than three in five Brits’ mental health. When
TheMoneyPig.com
asked if participants monitor their
Above: There is practical support available if you have debt worries.
spending throughout the month, 47% stated that they don’t, with 57% of men, and 56% aged 18- 24-year olds.
If you have debt worries, you
are urged to seek professional advice sooner than later. East Cambridgeshire District Council can tell you where to get free debt advice with drop-in surgeries on Mondays, Tuesdays and Wednesday between 8.45 AM and 12 noon. Contact ECDC by phone - Tel. 01353 665555 or log on to their website at
www.eastcambs.gov.uk. Alternatively, the National Debt Line offers practical advice on dealing with debt including self-help packs, sample letters to creditors and personal budget sheets. Freephone: 0808 808 4000. The line is available on Monday to Friday 9am-9pm. Saturday 9.30am-1pm and the website is
www.nationaldebtline.co.uk.
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