Brits not charting outgoings may need a payday loan
(07 April 2006)
New research from Alliance and Leicester has revealed that a third of Britons don't know where their money is going from month to month – highlighting people's propensity to get into short-term financial difficulties.
The survey showed that we have an average of £276 left over every month after regular, necessary outgoings such as mortgage repayments, bills, rents and other living expenses – but in a large number of cases this remainder soon becomes dissolved in ways which people neglect to catalogue.
It transpires that 56 per cent of us – not really a very large proportion – do make some savings on a monthly basis but the rest appear to live on something of a hand-to-mouth basis, which means that things can sometimes take a turn for the worst if unexpected costs or outlays have to be met.
The average amount of money saved by those who don't mind stashing the cash is £143 each month, but it is clear that many people are leaving themselves in a potentially difficult situation by not charting their casual outgoings and not keeping enough money safe for a rainy day.
Alliance & Leicester's Simon Ripton commented: "It's clear that many of us would like to be better savers and the best way to get into the habit is to make regular monthly payments into a separate savings account – before we even get the opportunity to blow our spare cash on a big night out or a new pair of shoes catches our eye!
"People could make substantial savings just by changing the way they manage their money on a monthly basis – and who knows, after a year of regular saving you might have enough for a dream holiday as well as paying off those nagging debts."
It's certainly true that a fair amount of financial re-evaluation seems to be called for – especially as the cost of living, in particular where fuel and utility bills are concerned, seems to be rocketing at an alarming rate.
This is where a payday loan can come in highly useful in the short term. Quite simply, it can both buy you time to get your affairs and financial management in order and can also literally buy you the things you need or desire when your money situation seems to have lost a little control. After paying back your cash advance of between £80 and £1,000 – with no charges save for those explicitly listed – you'll hopefully have been able to account for your outgoings satisfactorily and come up with a plan to save, or at least control the spending of, your money in future.
A firm such as My Payday Loan ( http://www.mypaydayloan.co.uk ) can help you with this, providing you with a swift, problem-free service which won’t hang over you for months on end or add to your longer-term financial concerns. Short term cash can have a seriously positive impact on your finances and, ultimately, your lifestyle.
The survey also asked people what they would spend their money on if they had £3,000 saved up – and 35 per cent said that they would prioritise repayment of debts and mortgages, with 33 per cent looking to invest it or keep saving and 25 per cent keen on utilising it for home improvements.
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