Women Struggle to Make Pay Last the Month
New research shows women struggle more than men to make their pay last the whole month.
According to insolvency trade body R3 42 percent of women admit their monthly take-home income does not last until payday, compared to 32 percent of men.
Thirty six percent of men admitted making credit card payments caused them financial stress, compared to 30 percent of women.
While females find it harder to limit their spending on going out for a night out, or spending on non-essentials with 25 percent admitting this, compared to 21 percent of males.
If most of your money goes on many small purchases try using a prepaid credit card to prevent you overspending on these non-essential items.
Younger people struggle more than those in the older age groups with many blaming their hardship on spending for nights out and non-essential purchases adding up.
The research also showed people living in the North of England are the most likely to struggle regionally, with 42 percent, followed closely by those in Scotland with 39 percent.
Those living in the East of England were shown to be the least likely to say they struggle to make it to payday still in the plus.
Prepaid Credit Cards
A pay as you go card can prevent you from unknowingly dip into your overdraft, or spending more on your credit card than you would like.
Sometimes when spending on small non-essential items is not tightly controlled you can get bad surprise when the bill comes in at the end of the month, or realise your pay has run out before payday.
A prepaid card however does not have an overdraft facility so when you have used up all your funds it will not allow you to spend anymore until you top it up again, but at this point you will be able to see how much you have spent without falling into debt.