Image courtesy of Mark Strozier

As the end of the month draws closer, many people find it difficult to manage. In order to avoid this it is always wise to be aware of what money you have, what bills you have left to pay and then split the remaining money so you know how much you can spend per week or even per day. Setting up all bills to be paid by monthly direct debit just after pay day can also be a big help with budgeting. However, often this does not happen and you end up with a week at the end of the month where you have very little money.

The first thing to do is not to buy anything that you can do without. Therefore avoid spending on luxuries. This does not just mean clothing, things for the home etc but also sweets, chocolate, alcohol and cigarettes, Anything that you can live without needs to go on hold. You need to make sure that you have enough money left for the basics. Things like transport to work, food and bill payments are what should be taking priority.

If you have food in your freezer and cupboards then using it could really help. They may not be your favourites or particularly go together but if you can avoid grocery shopping you will be able to save money. You may even come up with some new interesting food combinations and you could be healthier if you give up buying so much food or unhealthy snacks.

Try to use the car less if you can, so that you do not have to fill it up. Think about each journey and whether you can walk rather than drive in order to save money. The same goes for public transport as well, where you may be able to walk instead or get off a bus a few stops early to make the journey cheaper.

You could even try a few things to boost your income, such as selling things that you no longer use, doing some online work or some freelancing. This is if your company allows it of course.

By planning things to start with you should not get into the situation where money is scarce. However, by only buying essential items, you should be able to manage when you do not have enough. If this does not free up enough income then it is wise to try to earn more by doing some work or selling things. It can be tempting to borrow, but this could mean that you will be worse off as you have to find the money to repay what you have borrowed plus the interest and loan costs. It may lead to you being even less well off towards the end of next month. If you have no choice, then borrowing a small amount could be the answer, but you will need to be very careful to make sure that you budget afterwards so that you manage the repayments and ensure that you do not pay more than necessary for the loan because you missed repayments and had charges added on.