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AIBU?

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Original poster

To think it’s not that unusual for people to have no money in their bank account

244 replies

Iftheclouds · 20/10/2020 17:31

At the end of the month? I know ideally it’s good to have savings but would imagine it’s not that unusual to have any?

OP posts:
GoldfishParade · 20/10/2020 17:32

No it's not unusual.

Many people live in their overdraft

Mabelface · 20/10/2020 17:33

I get to the end of my overdraft every month.

timothytoes · 20/10/2020 17:36

I've got £4 in my account until Friday when my universal credit goes in Confused then payday is a week later so I feel like the richest person that ever walked lol then the bills come out and I'm back to scare one this time each month Confused

SicklyToaster · 20/10/2020 17:39

It should be unusual to have no savings, but it isn't.
It's sort of odd that basic personal finance isn't part of the national curriculum.
Technically, it should be pretty ubiquitous to have no money in your current account at the end of the month, because that's one of the worst (or "least good) things you can do with your money apart from spending it.

formerbabe · 20/10/2020 17:42

I usually end the month in my overdraft

kittykat35 · 20/10/2020 17:42

For the first time in my life my account is under 100, the reasoning is because I switched jobs and payment dates. I do have savings though. But I am having a panic that as I have to wait 5 more days until pay day. I couldn't live in my over draft. I understand how lucky I am though as I imagine yes it is the norm for a lot of people!

BakewellGin1 · 20/10/2020 17:42

I would say it is not at all unusual unless you are fortunate... Many people live week to week or month to month and i know many people personally who are now a week until pay day and are down to their last 50/100 (myself included)

excuseforfights · 20/10/2020 17:44

We had no savings as a family growing up and lived pretty much hand to mouth. It seemed normal and we were mostly happy. Now I have plenty in the bank but have nothing I want to spend it on as everything seems pointless.

excuseforfights · 20/10/2020 17:45

This was pre-CV too.

TartanDMs · 20/10/2020 17:46

Used to be normal for me - mid month was always squeaky bum time and by the end of the month before payday I would be at my grandparents house for a food parcel. As I got a better paid job and so did DH, things got better and now I'm OK. But for many years it was the norm.

teenagetantrums · 20/10/2020 17:46

A week till payday here. I have £30.00 in my bank I have a couple of hundred in savings. Normal for most people l work with

OneRingToRuleThemAll · 20/10/2020 17:51

I save on payday not at the end of the month so yes my current account is empty, but I have savings. Barring those whose basic outgoings exceed their income, it's a mindset. Sometimes you just have to prioritise saving over spending.

SandysMam · 20/10/2020 17:54

Did someone tell you it was unusual OP?

blue25 · 20/10/2020 17:57

It’s unusual for me, but no idea about other people. Surely most people have some sort of cushion?

loubieloo4 · 20/10/2020 17:59

We got paid today, last night we had £50 in the account but we do have a bit of savings. We have had a few big payments in the last few months so trying to catch up from that.

WinifredSanderson · 20/10/2020 18:00

Yep we just live month to month.

MaskingForIt · 20/10/2020 18:01

It would be unusual for me, but it also depends what you mean my “no money”. Only one account and no money is quite precarious. A good system of saving and investments and one day-to-day living money account that is low is a perfectly sensible way to run one’s finances.

Northernsoullover · 20/10/2020 18:01

@blue25 I think I am very privileged to have a cushion. When I had a minimum wage job by the time my rent and bills were paid I often had zero in my bank. There really wasn't anything to save. If you cannot see this then I think you have been very fortunate.

formerbabe · 20/10/2020 18:03

@blue25

It’s unusual for me, but no idea about other people. Surely most people have some sort of cushion?
Lots and lots of people live payday to payday...not because they're prolific spenders but because their outgoings equal or exceed their income.
user1471565182 · 20/10/2020 18:04

currently 12p in my account until the 24th. luvyn lyfeeeexxxx

kittykat35 · 20/10/2020 18:05

@blue25 I would love to assume people also have savings accounts...but I know that a lot of people don't. I am worried about my current account right now but the reality is I have several savings accounts with he smallest having 1200 in it. But I'm so used to having that money there as a cushion that I don't even count it. And I don't want to dip into it. It's a control thing I think Sad I normally never have to think of money to be honest so I am very unsettled

midnightstar66 · 20/10/2020 18:06

I had £23 but then got child benefit so bumped it up to a bit over £100. Don't get paid for another week and a half and it's the school holiday but that's not too bad, it's been much worse

WinifredSanderson · 20/10/2020 18:06

Very difficult to save for a rainy day when there's nothing left after bills, rent and food. Literally nothing left. However, we have full cupboards, a comfortable home and I'm not in any debt. Some are far worse off than that so I consider myself lucky tbh.

LittleMissLockdown · 20/10/2020 18:12

Not at all unusual sadly and it's only going to get worse due to job losses from covid.

I'd honestly say anyone who didn't think it was unusual or who believed that the majority of people had savings was living a very privileged charmed life.

Original poster
Iftheclouds · 20/10/2020 18:13

Yes I have been told it’s usual. Unfortunately all money goes on essentials.

OP posts: