Recognizable dilemma: mid-month money blues
Dealing with money is not exactly one of my strong points. I usually manage to save for about three months, only to then raid the entire savings pot for booking a vacation or something else that I think is vital. As soon as my salary is deposited, I feel like the queen: I usually buy an expensive piece of clothing that I've had my eye on for a while, treat friends to drinks, and cancel my sports lessons because I think I can easily miss it all.
But then suddenly (after about two weeks) comes the realization that I have been way too enthusiastic about spending money. I start to feel anxious about those last few days of the month, because how on earth am I going to get through them? Quite stressful indeed. This dilemma of living from paycheck to paycheck – which many people undoubtedly recognize – has a name: the mid-month money blues. People who suffer from this live the first two weeks of the month like kings and the remaining two weeks like participants in ‘a dime on its edge.’
A recent research report from the Intergenerational Foundation shows that the so-called mid-month money blues mainly occur among young people under thirty. This is related to the ever-increasing cost of living. And I completely agree with that, because despite the fact that I have a hole in my hand, life has indeed become terribly expensive.
But well, what can we actually do about this? We certainly don't want to deal with this stress every month. The solutions are actually quite obvious and simple and have everything to do with overview and planning. For example, divide your income over different savings pots. Set a monthly amount for groceries and activities outside the home. The remaining money you set aside for unexpected situations. There are even special apps for this, but in most banking apps, you already have the option to create these different pots.
Additionally, it is also useful to take a good look at your monthly expenses once in a while. You might still have a subscription to some online magazine that you never read or a streaming service that you don't use. All these ‘small’ amounts can add up to a large and unnecessary expense on a monthly basis. Also, carefully reviewing your costs sometimes serves as a wake-up call when you see, for example, that half goes to Uber or Uber Eats. I don't speak from experience, just a tip from me to you.
Long story short: saving and managing money well inevitably comes with the necessary discipline. Still, it is worth tackling this problem. Because how nice is it when payday comes, without having lived for days leading up to it? This still feels very far away, but I will at least make yet another attempt.
Source: Marie Claire
