Britons Still Spend More than They earn.
I can’t believe it. Yet again I have stumbled upon a new article that tells us we are spending a lot morethan we make.
According to a research paper 5.4 million of us in britain are on a regular basis spending a lot morethan we make every single month. Even if we do not overspend then we’re still merely breaking even.
Something else that shocked me was how little disposable wages we have each month once all the bills have been paid for. The figure of one hundred quid; cannot do loads with that these days!
Why are we doing this? No doubt some of us are using our precious wages to repay mounting Credit Card Debt. Our diminishing disposable wages goes towards minimum repayments each month, so much so, that we pave the way for running up still more Credit Card Debt. Why? Because we must have even more cash and we have already used the overdraft.
It’s quite shocking that even now we’re in such a tight spot. Okay things are looking up nevertheless our Debt Management ability especially need to sharpen up.
More or less a 3rd of us have by now foreseen that we’ll be worse off this year than last, and a lot more than half of us are not expecting a remuneration rise. Does this not fill us with dread? Apparently not enough for the reason that increasingly we’re still hearing the same thing over and over; we spend a lot morethan we earn.
Until we stop doing this and obtain control of our funds we are in no way going to be able to exercise good quality Debt Management.
Pay day used to be exciting. You’d go out, enjoy yourself, maybe buy yourself a small treat yet still have sufficient to pay the fundamentals.
The difference these days is that pay day is not so enjoyable. All we can ponder over is how it can be all accounted for. What have we got to show for working hard all month other than paying bills and worrying ourselves sick to death?
So what can we do to cheer ourselves up? Not surprisingly we go out and hit the town, use the overdraft and get a small treat, refusing to be dictated by life and its miseries. Problem is we’re still making some of this anxiety ourselves and it may only get worse if we never deal with it.
I can’t know about you but it doesn’t in truth make sense to me. What is the point in burying your head in the sand if the following month its just the same if not worse? In fact the cost of living is not getting in the least better is it.
Possibly we may commence budgeting and see where we could cut back on costs. Then we will need to examine dealing with that debt. Things something like Debt Consolidation may free up income each month for example. However it doesn’t take away our accountability it gives us a fighting chance.
It might be challenging to begin with but when we observe our disposable wages mounting, we become less pressured and less likely to run up more debt.
We have often an answer somewhere. Whether we tighten the belt for a while and pay off debts sooner, or put it altogether into one bundle as with Debt Consolidation to manage it bit better, then we now have taken the initial action to making next month a lot better.
Tags: credit card debt, credit wipe, debt advice, Debt consolidation, debt management