Don’t let money worries keep you up at night

Do money worries cause sleepless nights in your house? If so, you’re not alone, but there is something constructive you can do - create a budget.

New research by Utility Warehouse has found that more than two-thirds of Brits are kept awake at night because of financial concerns.

On top of that, one in four say they worry about their household finances every single day.

A sense of worry and anxiety is understandable if you don’t feel in control of your life.

So it’s worth taking steps to get yourself on the front foot.

Get on top of your budget

Do you often find yourself not knowing when certain bills are going out? Or how much you’ve got left to cover other essential costs? Whether you can afford the odd treat now and then?

If so, the best thing you can do is create a household budget.

Add up your expected income, from wages to benefit payments, then take off those regular expenses you can’t avoid, like rent, food and bills.

At the same time, look at where you can make savings and identity those expensive habits that are costing you money.

For instance, are you:

• paying for subscriptions you’ve forgotten about or don’t use?
• paying over the odds for utilities like broadband when you could get a better deal elsewhere?
• forking out for small but regular expenses, like a daily coffee?

Once you know where your money is going, you’ll be better able to: 

• avoid overspending
• free up money for savings and essential expenses
• not have to rely on credit
• prepare for unexpected costs without panic

In short, budgeting helps to give you a sense of certainty that you’ve got the basics covered, and confidence to deal with other aspects of your life, from days out with the family to buying Christmas and birthday presents.

Find out more in our guide to how to create a budget.

And give our handy budget planner a go- it’s free and easy to use.

Putting off financial admin costs you in the long run

Another notable finding of the Utility Warehouse study was that nearly two-thirds of us put off financial admin.

It can be tempting to look the other way if you’re worried about money or simply can’t be bothered going through your paperwork.

But that can lead to consequences that could possibly be avoided.

For example, half of those surveyed said they start running low on money by the third week of the month.

And by the halfway point of the month, nearly one in five are looking down back of the sofa for spare pennies.

But in many cases, this doesn’t have to happen.

If you’re on top of your household budget, ringfencing money for essentials and knowing exactly what you can afford on everything else, you might be able to move forwards with much more certainty and far less anxiety.