Money that you have extra disappears before the sun. Employees have extra money in the months of June and July through the payment of holiday pay, but before you know it it has disappeared again. Consciously and unconsciously, people will spend more as soon as they have access to more money. A family that has a net monthly expenditure of 4,000 may have a weaker financial position compared to a family with a family income of 2,000. As soon as people start earning more, they have to buy a more expensive car and of course also a more expensive house, because they can now borrow more on their income. In practice, it appears that an increase in income also entails an increase in monthly expenses. This situation also applies to temporary access to extra money. Holiday pay is paid in the month of May. The middle class may notice this because consumers are spending more. There is extra money that we still have to get.
Payment of holiday pay in the month of May
A study by SNS Bank shows that 34 percent of respondents fully spent their holiday pay within one month. Holiday pay is often used to close gaps. Large bills are postponed until the end of May, because there is not enough money available in the months before. Every year, Nibud also finds out where the holiday pay goes. It appears that money is increasingly being spent on things other than holidays. About 50 percent of respondents actually spend the money on the holiday.
Have your tax refund paid out in one go
If you own your own home with a mortgage, you are entitled to a refund of part of the taxes you pay in box one (income from work and home). You will receive this money back after the annual declaration. You can also choose to receive a monthly amount from the tax authorities. This is done by means of a provisional refund. Taxpayers who have not applied for a provisional refund will receive the money back in June or July (if they submit their tax return on time). This is the refund of the excess tax paid for the previous tax year. This is a nice piggy bank that can easily amount to thousands of euros.
Temptation of extra money
When you have extra money, you spend money more easily. This starts with grocery shopping. You will pay a little less attention to the price and take more and more luxurious items with you. There is nothing wrong with that, but you should not continue to do that. If you continue to do this for a month, the money will evaporate and you may end up in an even worse position than before you received the extra amount. You must handle this money carefully, because in the following months you will simply have to survive on your fixed income again.
Reserve extra money
Large amounts that you receive outside the usual salary should be reserved for worse times. It is best to do this immediately after the amount has been deposited. You will then spend money less easily, because the extra amount is no longer in the current account. This way you keep money on hand and you also receive savings interest on the amount.