How Can I Stop Living Payday To Payday?

It’s incredibly frustrating when you’re earning a decent salary but somehow, you’re still struggling to get through the month. 


You look at the amount coming in and within a few days, it’s gone. 


You’re vulnerable to financial shock. One emergency could land you in more debt. 


If you’re feeling overwhelmed and financially stretched, it’s time to identify what needs to change and take back control of your finances.


Overwhelmed by Debt?


Even if you’re earning a significant salary now, you may be plagued by debts and repayments from your financial history. 


At the end of May, the people of the UK owed a staggering £1,640 billion in debt. So it’s not surprising that many are feeling the stretch when it comes to making their salary cover all bases. 


Even though your salary increases, as you get older your expenses increase too, meaning less can go towards debts.


Bigger houses come with more bills and even more rent or higher mortgage repayments. Growing your family comes at a cost as well as others become financially dependent on you. 


How To Apply For P2P Loan v5


You can be earning a significant salary but find your various debts, credit card repayments and overdraft interest eats away at the majority of your monthly pay-cheque. 


If you feel financially stretched by your debts, it’s time to look at debt consolidation as a means of taking control of your monthly repayments and paying less interest on your debt overall. 


With a Leap peer-to-peer loan we offer comparatively low interest rates, so you could reduce your monthly debt repayments and free up more of your paycheque. 


Use our loan calculator to see how much your can save. 


Do You Have A Financial Plan?

Failing to plan is planning to fail. It’s a cliche as old as time. And it’s a cliche because it’s true. 


Two thirds of Brits claimed that they didn’t have some kind of financial plan or budget in place in 2018. It doesn’t matter how much you’re earning - if you’re not budgeting and working towards financial goals, you won’t be able to make your pay-cheque stretch. 


Having a financial plan puts you in control and gives you the power to decide how you’re going to make your money work for you. 


Once you’ve been budgeting for a while and you have a better understanding of how to control your finances, you can refine that plan to build your wealth further. 


As well as paying off debts and saving an emergency fund, it’s important to look at investing your money to create an additional source of income, protect yourself from financial shock and increase your future wealth. 


At Leap we offer competitively high interest rates when you invest in a peer-to-peer loan. And because we’re a fair banking community, you’ll be able to see exactly where your money is going and help someone else’s financial future too. 


Use our interest calculator to see how much you stand to make over time. 




Are You Overspending?

Overspending, impulse purchases and bad financial habits are easy to attain but incredibly difficult to shake off. 


Do you find that when you put everything down at the beginning of the month you have enough to cover housing costs and living expenses with some left over? But then when it gets to the middle or end of the month you’re struggling to make ends meet?


This is a red flag that you’re living beyond your means and overspending. 

Budgeting 101


Luckily, there are ways to train yourself out of this habit. 


If you keep a day-to-day spending diary it’ll soon become clear how much you’re spending on non-essentials. Make sure you write out every purchase rather than quickly glance at your bank statement - where everything easily blurs into one. 


It’s a shock exercise that will force you to look at areas you can cut back whilst still maintaining the quality of life. 


Another way of curbing that overspending is to use cash. Seeing the money physically disappear will soon put a halt on any unnecessary over-spending. 


Budgeting is a key part of tracking your finances. 

Whether you use an app or good, old-fashioned pen and paper, make sure you know every single transaction coming in and out. The more you're aware - the less likely you are to overspend. 


So, How Do I Stop Living Payday To Payday?

Before you know figure out how to make your money stretch, you need to find out why it isn't currently. 


  • If your debt repayments are swallowing up your monthly income, look at debt consolidation and refinancing as a way to free up money. Get a quote with Leap. 


  • Without financial plans and an end goal, it will be almost impossible to stay on track. Give yourself a reason to save and work hard with your finances. Figure out your financial goals. 


  • Overspending is one of the main reasons we all find it difficult to make the pay-cheque stretch month by month. Tracking your spending and create a budget to factor in ALL expenses. Every single one of them. 





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