Over 60 per cent of people admit to running out of money before payday

25 February 2020, 10:40 | Updated: 25 February 2020, 15:23

Over half of Brits struggle to make it to payday with their salaries
Over half of Brits struggle to make it to payday with their salaries. Picture: Getty
Alice Dear

By Alice Dear

It's great to know we're not alone in this.

Imagine the scene – you're three days away from payday and struggling to get by with £3.61 in your current account, you've started searching the pockets of your old coats for a stray fiver and started having toast for dinner.

We've all been there – well – most of us, we're guessing Kim Kardashian and Kanye West don't get it.

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You are definitely not alone with monthly financial struggles, as a new study has revealed 64 per cent of Brits also admit to running out of money before payday.

The study found that many Brits' mental healths are being affected by their financial states
The study found that many Brits' mental healths are being affected by their financial states. Picture: Getty

Of these 64 per cent, 28 per cent also admit to borrowing money from friends and family.

The survey, carried out by TheMoneyPig.com, surveyed 1,443 Brits and found some shocking results.

It found that while 53 per cent of people couldn't live for longer than one month on their current savings, 7 in 10 people admitted to being unhappy with their current savings.

53 per cent of people couldn't live for longer than one month on their current savings
53 per cent of people couldn't live for longer than one month on their current savings. Picture: Getty

As well, 66 per cent have stated that money worries have affected their mental health.

If you're one of those people worrying about your finances, TheMoneyPig.com's money expert Kane Georgiou has offered some advice to help you manage your money better.

Firstly, Kane insists on utilising a cashflow sheet, explaining: "all expenses should be written down and accounted for, so that you know exactly how much you have left at the end of the month".

7 in 10 people admitted to being unhappy with their current savings
7 in 10 people admitted to being unhappy with their current savings. Picture: Getty

Secondly, he suggests once you've worked out how much money you have to spend that month, take it out in cash to avoid overspending as card payments are an easy way to lose track of your expenditure.

Finally, he suggests using an app to help you track your income and expenditure so it's with you everywhere you go.

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