Are you ‘living for now’ or ‘making ends meet’?

You’ve just been paid, but how do you feel? If you’re elatedly mapping out a jam-packed social calendar, working out where you’ll go and how you’ll spend your money, you’re probably (and unfortunately) in the minority.

According to the results of a recent survey conducted by the Unity Mutual team, 75% of younger Brits are currently struggling financially.

The cost-of-living crisis obviously has a lot to answer for, with people ditching their ‘live now’ mentality. Now, it’s about ‘making ends meet’ – and if you fit into this category, you could be eying up your bank statement and feeling anything but excited.

So, what can you do if you’re forced to sacrifice those little luxuries or social plans and are instead simply making ends meet month to month? We provide some practical tips to help you stretch your finances further.


Holiday at Home

More than half (57%) of people we surveyed said they had scrapped holidays, while 42% said they’re forgoing weekends or trips away, and almost a third (31%) spend less on clothes.

You don’t have to sacrifice your usual summer holiday, though, but perhaps you can find a way to cut down the overall spend on your break.

A trip in this country may well save you hundreds (flights and transfers abroad can add up); consider renting a large house with a couple of groups of friends and you’ll all be spreading the cost while enjoying a long-awaited break. Alternatively, take a week off work and make the most of offers on family days out in and around the area; taking a holiday doesn’t always have to mean staying somewhere new.

Swap Meals Out for Dining In

Grab a supermarket meal-in-a-bag and swap your usual restaurant trips for a welcome night in. You won’t have to think about getting dressed up, waiting in the cold for taxis or queuing at the bar for a post-meal cocktail. If you can afford it, you can still enjoy treats here and there; you may just have to tweak what a ‘treat’ means to you – and your monthly budget.

Make Your Savings Work Harder For You

More than half (55%) of survey respondents said they made difficult choices each month with their spending, while almost a third (29%) say they have less than £1,000 worth of savings to dip into in times of need.

You could make your savings work harder for you in the longer term by making sure you open the right account(s) for you.

A Lifetime Savings Account (LISA)* could help you put money aside for larger financial goals – you can use it for a deposit for your first home, or an extra pot towards your retirement. With no fees, our interest rate of 3%** and a 25% government bonus added to what you save, a LISA could help you get on track financially.

Celebrate Together

A quarter (26%) of respondents in our survey said they had missed celebrating Christmas, birthdays or other special occasions, due to the rising cost of living. While we Brits tend to hate talking about money, is it worth opening up a conversation with close friends and family about buying presents for one another going forwards?

Perhaps you can agree on a budget for birthday gifts for close family – or maybe you can have a joint meal out or other celebration? As sentimental as it may sound, if the pandemic taught us anything it’s this: just being together is gift enough.

Don’t Cut Back on the Things That Matter to You

So, what are we not scrimping so much on as a nation? Proving the UK is a nation of pet and lovers, only 9% were willing to curb spending on pets, only 14% on tech such as smartphones and laptops, and 17% on furniture, interiors and decoration.

If you are in a position to, don’t cut back on the things that matter to you – whether that’s treating your pet to his favourite toy or investing in the latest mobile phone app.

The rising cost of food and drink is the biggest financial concern amongst the 18 to 39 age bracket, which is where money-off coupons and online shopping sign-up incentives come in handy. Plan how, when and where you’ll do your shop and you could stand to save a lot.

Responding to the results of our survey, Laura Turner, Founder of, said: “There is a definite uptick in young people seeking out financial tips and tricks - from budgeting to investing -  and perhaps out of necessity, young people are more clued into their finances than previous generations. Social media makes financial concepts easy to understand, and it's readily available on Instagram and TikTok."

Have a question or two about our Lifetime ISA or any of our other products? Do not hesitate to contact the Unity Mutual team.

Until next time…

*Terms and Conditions apply**The Unity Mutual Lifetime ISA is not restricted to any type of affinity or profession and savers do not have to be existing customers to take advantage of this rate.

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