With so much to pay for, is it any wonder that lots of us end up with nothing left to set aside at the end of each month? It seems like every month that passes was more expensive than the last one. So, isn’t it about time we all did something about it?
Here are 4 reasons why you’re broke at the end of each month and how to fix it.
1. You’re Hanging On To Stuff You Don’t Use Anymore
If you’ve got no money left, then look around you, it’s probably lying there right in front of you. How about that games console you haven’t used in months? That could be a couple of hundred bucks! Similarly, all those old DVDs you never bothered to rewatch could all be turned into cash! Selling items on eBay and Gumtree are a great way of getting yourself that extra bit of money that you so desperately need when it comes to the end of a month. This money can then be saved or spent – it’s up to you! Similarly, if you’re hanging on to cable channels that you never watch and could really do without, then it’s time to cut the cord. With services such as Netflix and HBO Now proving so popular, is there any need for cable TV anymore?
2. You’re Wasting Too Much Money On Travel Costs
Traveling costs a serious amount of money. So, if you face a significant commute to work each day, then this is really going to rack up. There is a simply solution – carpool. If you know a colleague who lives relatively near to you, then share lifts each day, alternating who drives. That way, you’re bound to save yourself a considerable amount of money each month, and do your friend the same favor, too. If you have to take the train to work each day, then it may be worth considering relocating closer to your job. While moving may seem like a massive financial strain in the short term, it could save you a massive amount of money each year, let alone each month. It’s worth a think.
3. You’ve Got No Budget Drawn Up
If you’re driving to save money, but don’t have a budget drawn up, then you’re quite simply going to fail no matter how hard you try. Get hold of your laptop and whack open Microsoft Excel. You’re going to need to create a simple spreadsheet with all of your ins and outs on it. This will enable you to see exactly where your money is going each month. From there, you’ll be able to cut back on certain expenditures and hopefully, find yourself with a little bit spare at the end of the month. If you have a smartphone or tablet, then be sure to download your bank’s online banking app to further keep track of your expenses. Having your financial information available to you on the go really makes a difference when trying to stay in control of your money. You may also need to get Personal Financial Adviser Services to help you craft a budget.
4. You’ve Stopped Preparing Your Own Meals
Finally, one of the biggest reasons why you’re probably cash-strapped at the end of each month is because you’ve stopped cooking. Meals out and takeaways really add up. You might think spending hundreds in the supermarket is much more ridiculous than eating out each night, but if you do the math – it really isn’t! Fall in love with cooking again and begin preparing your own meals each night. It is very cost effective and is bound to leave you with more cash to spend or save at the end of each calendar month. Similarly, if you’re buying lunch everyday while at work, then you’re racking up a serious bill! Simply make a small packed lunch with sandwiches, crisps and fruit to take with you each day to work. You won’t go hungry, and you won’t be spending a dime.
Ultimately, if you follow these tips, then you’ll save yourself a load of cash and have money left over each month.