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How to make your money last longer after payday

Through the cost-of-living crisis, more and more Brits are living from one month to the next. From dipping into savings to facing unaffordable bills for childcare, it’s estimated that one in five UK families are just one payday away from crisis

Saving money might feel impossible at such a difficult time, but it’s important to put money aside whenever possible. Doing so could not only make your day-to-day life less stressful but could ensure that you and your family could avoid a financial disaster.

No matter how much you’ve already managed to save, it’s always worth learning about the most effective strategies to make your money last as long as possible. 

How to beat the impulse spending and start saving: Our top 5 tips

1) Save as soon as you get paid

As tempting as it , might be to splash out on payday or the first weekend afterward, try to put some money into a savings account as soon as you’ve been paid. Before you break down the rest of your salary into expected expenses, subtracting your savings goal and moving the money will make you less likely to spend it.

Choosing a fixed ISA could ensure that this happens every month. This type of savings account works by standing order and effectively locks away your savings for a set period. But make sure you can afford this option before you commit.

2) Put some money into bonds

To stretch your money further, you might consider putting some of your pay into bonds. This approach enables you to put the money aside, where you can’t access it, and let it grow interest over time. 

Unlike many flexible savings accounts, bonds accounts work on a lump-sum investment basis. But you don’t need to start with thousands, so it’s an accessible option if you’re only just starting your savings journey. Minimum monthly payments start from as little as £100, so it’s certainly worth considering if you’re new to money management. 

3) Track your spending

Spending only what you can afford is one of the most foolproof strategies to making the most of your pay, but we know that it’s easier said than done. 

One of the most effective strategies is to use a digital banking app from your bank. These handy digital platforms allow you to receive real-time notifications on your accounts and view detailed insights and metrics. It’s one of the fastest and simplest ways to learn about your spending habits, helping you identify areas for improvement and spot what’s working well. 

4) Get support when you need it

Remember that even if you’re facing serious difficulties, it’s never too late to seek support. The government has announced that millions of households will receive £300 between 31 October and 19 November 2023 to ease some of the pressures triggered by the current crisis.

In instances where you might be ineligible for official schemes, but you still need urgent support, help is available. Don’t hesitate to talk to someone you can trust or make an appointment with your bank if you’re struggling. There, you can start to plan for the future and work out how to approach your current situation too. 

5) Deal with debts

Lastly, even if you’ve been putting it off, dealing with your debt sooner rather than later will serve you well in the long run. If you have debt in various places, it’s important to be aware of your outstanding commitments and try to prioritize.

Pay off the debts or loans accruing the highest interest rates first. The longer you leave an account in debit, the more serious the consequences you face might be. You can also work alongside a financial advisor or your bank to try and tailor a repayment plan that works for you.


1. How do I make my money last until payday?

  • To make your money last until payday, create a budget that accounts for all your expenses and income. Prioritize essential expenses first, reduce non-essential spending, build an emergency fund, and consider additional income sources if needed.

2. What to do with money after getting paid?

  • After getting paid, allocate your money wisely. Follow the 50-30-20 rule: Use 50% for needs (like bills and groceries), 30% for wants (discretionary spending), and save or invest 20% (for savings, debt repayment, or building an emergency fund).

3. How do I not run out of money before payday?

  • Avoid running out of money before payday by budgeting carefully. Prioritize essential expenses, track your spending, reduce unnecessary purchases, and keep an emergency fund for unexpected costs. Regularly review and adjust your budget as needed.

4. What is the 50-30-20 rule?

  • The 50-30-20 rule is a budgeting guideline. It suggests allocating your income as follows:
    • 50% for Needs (essential expenses like housing and groceries).
    • 30% for Wants (discretionary spending on non-essentials).
    • 20% for Savings and Debt Repayment (savings, paying down debt, or building an emergency fund).

About author


Jennifer bety is a seasoned writer with a passion for storytelling and creativity. With a keen eye for detail and a love for captivating narratives, Sonja brings a unique flair to every piece she authors.

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