Many adults reported that their income did not always cover their living costs, and some had to borrow to make ends meet.
Make a note of everything you spend each day, over a month. Include everything, from your daily commute to the snack for the journey home and regular payments like your rent or mortgage, and utility bills. Track your finances and monthly spends through Online Banking or your mobile banking app. Set up alerts to notify you of when certain payments are made each month, or receive a notification when your balance is below a particular amount.
At the end of the month, add up all of your expenses and subtract this total from your take home pay. If your monthly expenses come to less than your take home pay, you are living within your means.
If you aren't living within your means, don't worry. Take time to reflect. There are plenty of things you can do to take control of your spending. Start by using the record of your spending to identify which expenses, if any, could be reduced or avoided.
Creative ways to reduce your expenses
Put money away for those unexpected events
How to recognise the signs and what to do next
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