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HAND TO MOUTH
The average British worker is broke 23 days after receiving their pay packet, a study revealed yesterday (Mon).
Shelling out for bills, mortgage and food shopping means that after being paid at the end of each calendar month, half the cash has gone by the 11th.
The other half disappears by the 23rd of the month leaving them to scrape through the remaining days until the next payday by using overdrafts or credits cards.
Only one in five people admitted they budgeted to the extent they were able to make it through on a month-to-month basis.
Yesterday (Mon) a spokesman for www.lovemoney.com said: ''For those who get paid monthly, it seems many are facing a real struggle to make their pay packet last the entire month.
''This is dangerous as it means many of us are left building up debt on our credit card or overdrafts while we wait for our next payslip - and the interest on that debt could be as high as 20 per cent.
''Sitting down at the start of each month and working out a budget can help make your money last until your next payday.
''It's also good to monitor your bank balance daily. Then you're more likely to stick to your budget and you'll no longer have to spend the last week or so of the month strapped for cash.''
The study also found more than half the 3,000 workers polled often lose track of their finances and are 'shocked' when they realise how much they have spent.
Four out of ten said they didn't have a grasp of how much money was in their account at any particular time.
Only 16 per cent said they checked their bank account every day, while one in three said they checked 'most days'.
Three quarters are left to count the days until the next payday and almost half said they were forced to use cards or overdrafts to get by.
Worryingly, 16 per cent said they had rung their bank to get their overdraft extended to see them through.
And more than half said they wished they could be better with money.
A spokesman for lovemoney.com added: ''If you want to make your money last longer, it's essential that you monitor your spending.
''An account linking service - where you can see all your bank accounts and credit cards on one page - makes that whole process much easier.
''You can analyse your spending by category and that should make it much easier to spot potential savings.''
Research conducted by global market research company www.onepoll.com
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HAND TO MOUTH
The average British worker is broke 23 days after receiving their pay packet, a study revealed yesterday (Mon).
Shelling out for bills, mortgage and food shopping means that after being paid at the end of each calendar month, half the cash has gone by the 11th.
The other half disappears by the 23rd of the month leaving them to scrape through the remaining days until the next payday by using overdrafts or credits cards.
Only one in five people admitted they budgeted to the extent they were able to make it through on a month-to-month basis.
Yesterday (Mon) a spokesman for www.lovemoney.com said: ''For those who get paid monthly, it seems many are facing a real struggle to make their pay packet last the entire month.
''This is dangerous as it means many of us are left building up debt on our credit card or overdrafts while we wait for our next payslip - and the interest on that debt could be as high as 20 per cent.
''Sitting down at the start of each month and working out a budget can help make your money last until your next payday.
''It's also good to monitor your bank balance daily. Then you're more likely to stick to your budget and you'll no longer have to spend the last week or so of the month strapped for cash.''
The study also found more than half the 3,000 workers polled often lose track of their finances and are 'shocked' when they realise how much they have spent.
Four out of ten said they didn't have a grasp of how much money was in their account at any particular time.
Only 16 per cent said they checked their bank account every day, while one in three said they checked 'most days'.
Three quarters are left to count the days until the next payday and almost half said they were forced to use cards or overdrafts to get by.
Worryingly, 16 per cent said they had rung their bank to get their overdraft extended to see them through.
And more than half said they wished they could be better with money.
A spokesman for lovemoney.com added: ''If you want to make your money last longer, it's essential that you monitor your spending.
''An account linking service - where you can see all your bank accounts and credit cards on one page - makes that whole process much easier.
''You can analyse your spending by category and that should make it much easier to spot potential savings.''
Research conducted by global market research company www.onepoll.com
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