Budgeting will save you money and might even make you happier

How much money do you have in your current account right now? What date do you pay your electricity bill? What was your most recent purchase? Can you remember exactly how much you spent? What do you spend more on each month – food or drink? Not many people can answer these questions correctly without first dissecting their latest bank statement. In fact, almost a fifth of us (17 per cent) admit to having no idea or only a rough idea about the state of our finances, according to research from insurance company SunLife. And younger people put the older generations to shame, with those aged 18 to 24 some 71 per cent more likely to budget. But worse still, nearly three-quarters of UK adults admit spending on impulse rather than budgeting, according to TopCashback. The company also revealed that bored office workers blow as much as £114 a week on clothes, snacks, beauty treatments and tickets on purchases made during lunch breaks – or on work time.