How to Budget and Make your Money last all Month (Guest Post)

Even with the best
intentions in the world most of us have had that nasty sinking
feeling when the cupboard starts looking bare and payday can’t come
quickly enough. Planning ahead can help us guard against running dry
at the end of the month. Studies claim the majority of us are spent
up and reaching for beans on toast a full five days before payday.

Here are just some ways to
help bridge that gap and for more click
here to take control of budgeting or managing your money.

Find a balance

Tempering
your payday splurges on new clothes, nights out and luxury treats for
just a few consecutive months can bring your monthly cash flow into
balance. It can also nurture some healthier financial habits. This
doesn’t mean staying home and seeing no one, but it could be the
spur you need to be more sociable in the comfort of your own home.
Throwing a payday BBQ or party makes great financial sense and can be
great fun, with friends bringing a bottle or snacks along with them.
Saving money this way on the first weekend of the month could give
you the breathing space you need to stay on budget and cover all of
your essential bills.

Be honest

Why pretend that you can
afford a plush lifestyle if your budget figures just don’t add up?
Getting off on the wrong financial footing in the first weekend after
payday – by enthusiastically buying rounds of drinks or accepting
an invitation to an expensive do – can leave you feeling stretched
before the month’s really started. Try not to bury your head in the
sand and risk setting your financial goal back by another month. Be
open with your friends and family about your goals and suggest more
affordable payday activities. It could mean the difference between
reaching for the credit card, overdraft facility or even a payday
loan come the third week of the month. Stella Creasy, Shadow
Consumer Affairs Minister, told the
Guardian recently that payday lenders relied on the fact that
people will not discuss their debts. Talk, discuss and share your
situation with those closest to you or with experts to avoid
overstretching each month.

Avoid impulse
buys

It
can happen to the best of us. Suddenly your detailed budget – that
carefully tracks income against expenditure to avoid the dreaded end
of the month deficient – is blown apart by an unplanned purchase.
Think about your spending traits. Would taking three days to make a
decision before buying help you act more sensibly? Does sitting back
to assess the long term value of replacing your television or booking
a holiday stub out your excitement? Stop, check your budget and think
about what you might need to sacrifice that month to make the
purchase. Using a delaying tacit helps ward off buyer’s remorse or
prepares you to cut back in other areas to afford this thing you
really want.

Spend cash

Stick to cash if debit
card transactions always made at the beginning of the month come back
to haunt you later on. Cash is clear cut and immediately leaves your
bank account, leaving no room for error of judgement or grey areas.
Your wallet feels lighter when you hand over money and you might even
think twice before parting with your pounds by spending this way.