Staying in the black: making your monthly wage last

Habits can be picked up at any age, good or bad, so if you have had a history of spending in the moment, then it is time to learn new strategies regarding saving.


Are you in the position of having to count pennies the last week of the month that overhangs before pay day? Abbey reports that on average most UK employees are out of pocket five days before they receive their salary. Borrowing food or scrounging off neighbours/friends/family or even becoming stressed as you use your credit/debit card, is an  harrowing experience which can end by taking steps to get your life back on track, financially.


The Co-operative Bank reports that once customers have their salary, £80 disappears within a day and after 48 hours this increases to £228 or 15% of their monthly wage pack. A fortnight later, a classic scenario suggests that £792, half the average pay, has already been spent.  In the  WordPress blog of Tunde Folawiyo, a philanthropic businessman, advises students should learn good financial habits whilst young as this significantly affect their future. Cast a glance at the suggestions of do’s and don’ts below.

First step

The area where the average person is losing the most amount of money is on withdrawing cash from their credit cards because they are oblivious to the cost: recorded that 12% think that it is the same as using a debit card. The rate is about 23.65% to 26.7% plus is likely to rise and you are charged the moment you withdraw this money with the initial fee (which can be 3% or £5).


Short-term loans are very handy and enticing while also enabling you to survive a rocky period, however be under no illusion that there are cumbersome high interest rates. You may borrow £80-£1,000 but be expected to pay a typical APR of 1,286.1% which is around £25 for a loan of £100 in addition will need to be repaid within 31 days. According to since January 2008 there was a rapid escalation of pay-day loans as the public were using their pay on everyday requisites and not being able to manage their salary to the end of the month.


Far better to break into your agreed overdraft but be wise and know its limits which you should not exceed. Making sure that you can pay this off a little at a time, it  is a sensible approach and can be a cushion at the end of the month. In the short term this is a welcome alternative and  Consumer Credit Counselling is in agreement with this.

Always keep your lender informed of your situation and ask for a payment holiday: this does work but you really need to be prudent and save it up.

Use cash as it really hits home and put the card away: learn to tighten your belt by cutting back on luxuries and honestly you will feel better for it! Exercise will also help to alleviate the anxiety and you will sleep better.

*Pls see my disclosure policy


Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.