Avoid the Pre Pay Day Struggle

If you continually spend beyond your means each month it might be tempting to use a credit card to help you find the extra cash you need to cover your expenses. While this can certainly help when its handled responsibly, it could cause debt issues in the long term for those who spend more than they can afford to pay back within a reasonable timeframe. Thankfully, some simple changes might allow you to stay on top of things and never be left struggling at the end of the month.

Work out your income and essential outgoings

Certain areas of your finances are more difficult to change than others – such as your salary and regular expenses like a mortgage or bills. However, it’s important to have a firm idea of exactly what these are so you’re aware of how much you have left over for everything else. Once you do know it’s a good idea to form a budget, being realistic about how much you need (rather than want) to shell out on everything else. Be realistic about your current spending as this will let you see which areas cutbacks could be made.

End unnecessary spending

You might be surprised at just how easy it is to save a few pounds each day without needing to make drastic changes to your lifestyle. For example, if you’re buying takeaway coffees several days a week you could switch to taking your own instead. If you enjoy meeting up with friends for a meal or a couple of drinks think about doing this at home, as it’ll work out far cheaper than meeting up at a bar or restaurant. Look over your statement too and cancel any subscriptions or memberships you’re not making full use of. It’s easy to sign up to the gym with the best intentions, but if you aren’t visiting regularly consider cheaper ways of working out.

Pay in cash when you can

If you’re looking to cut back on your outgoings it’s worth saving up to make certain purchases rather than always relying on your credit card. Of course, for big ticket purchases it might be worth using plastic, but if you do be sure to make a credit card comparison to find the most preferable rate of interest. Remember too to try and pay back as much of the balance as you can each month to minimise the impact of interest rates.