Contributed by HomeServe UK
1/12/2019 - Share to Buy
With Government data showing Disposable income in the UK is up by £400 per household compared to last year, Share to Buy analyses where does the average Brit spend their disposable income and found Brits make up to nine impulsive buys a month on ‘good deals’, spending almost £200.
The median annual income per household is around £29,400, with eating out, putting money away for a holiday and buying new clothes topping the list of things most likely to put a dent in our bank balance. Last year, average weekly household expenditure was £572.60 a week, or over £29,700 a year – £300 more than what we bring in.
One in 10 people experience a ‘Shopper’s High’ during an impulse purchase, and these often go to waste, according to MyJar. One study of the high shoppers get when splurging revealed that up to £9,000 of the money we spend a year is wasted on items that we don’t even use.
Top Money Wasters Per Year
£628 – Rarely used TV packages
£528 – Unused mobile phone credit
£733 – Unworn clothes
As a nation, we love bargains so much that, these spontaneous sprees end up adding up– around 6,500 impulse buys a lifetime, adding up to a whopping £144K
UK’s top 10 impulse purchases include:
Chocolate, Takeaway, Coffee, Lunch, Books, Beauty Products, Shoes, Magazines, Underwear….
How to Save Money: Basic Ways to Boost Your Savings
Nick Lieb, Head of Operations at Share to Buy, comments:
“In 2019, the average deposit put down by first-time buyers on the open market in London was an eye-watering £110,182. For those looking to buy their first home on the open market, spending less on subscriptions, clothes and food will go a long way in helping their savings balance increase, but even if millennials can save 20% of their wage each month, it will still take an average of eight years and four months for one person to save enough for a house deposit.
“In stark contrast, saving to buy a Shared Ownership home can prove to be much more achievable for first time buyers. For example, if a couple are able to put aside £400 a month, then they could save for a deposit in a third of the time needed for a deposit on the open market.”
For further information about UK spending habits visit the Share to Buy website.
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