Workers need to keep an eye on spending

Stock image - Money

Stock image - Money

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Almost half of working adults in the East Midlands - 44 per cent - have routinely spent the majority of their monthly wage within seven days of being paid, according to a new study.

Researchers took an in-depth look into the spending habits of residents in the East Midlands – and the results revealed a further 20 per cent have splashed most of their salary within 24 hours.

Vix Leyton, from cashback and rewards site Quidco that commissioned the study, said: “There are ways to make your money go a lot further. Getting into the habit of using reward sites to build up cashback on all purchases, from your every day essentials through to life’s luxuries, effectively generates extra funds that you can either save, or are free to spend at a later date.

“A common mistake is deploying money saving tactics at the end of the month, when your bank account is dwindling. Consistently keeping an eye on your spending can help make sure you are able to maintain the lifestyle you want throughout the month, not just in the magic few days post-pay day.”