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Where Does All The Money Go?

WHERE DOES ALL THE MONEY GO? With rising inflation and a continued squeeze on public spending, many households are finding their money doesn't go as far as it used to. In this infographic, we examine where we're spending- and wasting - our money. WHERE DO WE SPEND OUR MONEY? The average household in the UK is spending nearly £2,000 per month. So where is this money going? Transport £ £ £ £ £72.70 Housing, fuel & power E E E 會 1 E72.50 £ £ £ £ £ £ £ £ £ Recreation & culture £68.00 Food & drink £56.80 Restaurants & hotels £45.10 Goods & services £39.70 Household goods £ £35.50 Clothing & footwear £ £23.50 TOTAL: Communication £16.00 £455.30 Alcohol, tobacco E £l1.40 PER WEEK Health £7.20 Education £7.00 REGIONAL DIFFERENCES As you might expect, there is a north / south divide in how much we spend, and how much we earn. Let's have a look at some of the differences: Household expenditure on net rent (2016) Household expenditure by region (2014-16) per week per week >£25 >£50 >£75 >£400 >£450 >£500 >£100 >£150 >£550 >£600 WHERE IS MONEY BEING WASTED? According to a 2017 survey, we waste up to £360 per year on things we don't need. The most common ways we waste money are: INVOICE O 25% 21% 19% 18% Paying for lunch or snacks at work Needlessly high utility bills Regular takeaway Under-used satellite meals TV subscriptions 18% 16% 14% 14% Cigarettes and alcohol Costly takeaway Buying too many ready meals Too much time in coffee the pub The nation's penchant for takeaway is having more than an impact on just our wallets - it's also affecting our health: 2,500 daily calorie limit for men 1,835 kCal 721 kCal 63% Average 12 inch standard pizza of UK adults are BK Whopper with cheese overweight SO, WHERE CAN WE SAVE MONEY? Now that we know where the most money is wasted, we can take steps to save some money in those areas, as well as a few others: Utilities Food Subscriptions Based on the average cost of £1.66 for a sandwich, Use smart meters to save money on your household bills. Use a comparison site to switch your suppliers to a cheaper alternative. eating home-made would save you £169.46 per year, so make more at home! Check your bills to find your subscriptions and cancel any you don't use. You can even call providers to get lesser packages. Taxes Banking General Tip Claim every deduction you can! Look into how you can lower your tax liability through independent financial advice. Pay off your credit card bill in full every month. Shop around for everything you spend money on, from credit cards to car insurance, Make a list of all debt and from supermarkets to TV packages. prioritise those with the highest interest rates. Infographic researched and produced by Loanable.com Sources: Office for National Statistics, Money Advice Service, Gov.uk, Think Money, Forbes, Nutra Check, House of Commons Loanable All data correct as of November 2017 01 00 101

Where Does All The Money Go?

shared by Designbysoap on Apr 30
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With a continued squeeze on public spending and rising inflation, many households in the UK are finding that their money doesn't go quite as far as it used to. But where are we spending - and wasting ...

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Loanable

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Economy
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