Saving money and staying in control of our finances are priorities for pretty much every person in the current economic climate – but just how well do you get on with this aim?
Although the UK is enjoying consistent recovery following the 2008 recession, there are still some people who are struggling with money issues – inflation is now outstripping general wage increases..
Becoming a savvy saver and learning where you can cut costs without compromising on quality is a vital skill for those who want to enjoy greater financial freedom and a recent infographic by short-term loans provider MYJAR has revealed just how well we Brits are performing.
According to their data, Brits spend their money on a range of activities and purchases with a number of trends recorded.
Women seem to be the more health and beauty conscious, spending £800 to men’s £442 a year on toiletries, weight loss programmes or diets and gym memberships. That’s almost double!
Similarly, younger spenders are more likely to splash out on takeaways than those more mature in age. Once again, figures doubled for specific demographics with those aged 25-34 spending twice as much on this sort of treat than those aged over 45 years.
Ultimately, this research proves that the picture of British spending is not simple. How we manage our money and what we choose to spend it on can vary widely due to our age, location, gender or personal preference.
The trick is to make sure we take care of our money as much as is possible. This means budgeting responsibly and not paying for unnecessary purchases when money is tight.
Personal savings pots should also be boosted whenever possible and the option to take a short-term loan from a reliable firm like MYJAR is a great way to help bridge occasional gaps – although you should make sure you always follow their rules for responsible borrowing.
Warning: Late repayment of short-term loans can cause you serious money problems. For help, go to moneyadviceservice.org.uk.