You might think there's no cure for our overspending habits. You may think that to tackle something so ingrained would take something drastic - and possibly painful. However, a new study claims that you might not need to go to extreme lengths, because there could be a simple solution to your overspending.
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Royal London and YouGov carried out a trial, where participants were given smartphone apps (or told to use a pen and paper) and told to track their spending for three months. They weren't given any other instructions or advice about cutting back or saving money - all they had to do was track it.
At the end of the three months, of those who completed the trial, the results were startling. While half of them said keeping track of their spending had been useful, they also recorded a huge number of money-saving steps they had taken during the three months.
This included some straightforward things, such as going through bank statements and spotting old direct debits and standing orders that had never been cancelled. There were also those who started shopping at cheaper supermarkets.
Budgeting also encouraged people to save for unexpected expenses with a quarter (26%) saying they were more motivated to do so at the end of the project.
Commenting on the research, Royal London's director of policy, Steve Webb, said: "What was interesting about our research project was the way in which the simple act of monitoring what you spend every day or week made some people more aware and put them more in control of their finances. They were then able to make their own choices about priorities."
So have they found the solution? Have they solved the overspending crisis in the UK?
Not exactly. Of all the people who took part in the study, only a quarter stuck with it for the whole three months. Some called a halt to proceedings before they'd made a single entry.
And of those who stuck with it, only half said it had helped. Even then, they didn't claim to have conquered their overspending impulses entirely.
Sadly, therefore, it's not a silver bullet. However, it's a useful tool that can make a major difference for an eighth of us - and as such, it has to be worth trying.