How many times have you had a bill through the door, which you totally forgot about? And how many times has paying for that bill, left you short and vulnerable to other types of financial eventualities.

We can probably all relate to this experience, as according to new research, this type of event is extremely common amongst many people in the UK. Accordingly, unaccounted invoices and bills cost UK consumers a whopping £50 billion pounds per year. It is suggested that such a huge volume of unaccounted finances can only be attributed to haphazard money management, which for all intents and purposes should be completely avoidable.

Saving experts advise consumers to always have some form of money reserve whenever possible. If people are a little more proactive with their income and consciously put a little away every now and again, then these types of incidents can be safely avoided.

This type of scenario further enforces the suggestion that many people could greatly benefit from a little re-education on the subject of money management. It has been reported that less than 20% of all people would be able to survive for 8 weeks, if their income was to stop for some reason.

Practical budgeting and effective money management are skills, which unfortunately, very few people possess. Some consumer groups have suggested that the UK’s debt crisis could be considerably reduced or even averted if these types of skills were more prevalent amongst society.