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Where does your money go each month?

Where does your money go? thinkmoney Based on figures from the Office for National Statistics the account open to everyone Salary The typical UK household with 2 working adults has Scotland 25,417* N.Ireland 23,443* England £2,274 25,697* Wales 23,628* London 33,846 to spend after tax each month Average UK income £25,312* *Before tax £230.50 / 11% Food of monthly outgoings Homemade vs. premade sandwiches! 11% of your monthly income is used to pay for food. We took the same 4 items (bread, cheese, pickle and crisps) from 4 different supermarkets and compared the total costs. 11% Sainsbury's £7.06 Tesco £7.06 Pre-made £370.18 Asda £7.21 Home made £200.72 84% More Expensive Waitrose £7.26 Making your own lunch could save you a possible £169.46 annually, based on the national average of £1.66 for an on-the-go buttie. Price survey conducted 06/07/12 in major supermarkets Transport £281.20 / 14% of monthly outgoings As the price of petrol is so high, it can end up costing you a large chunk of your monthly outgoings. Below, we have calculated the potential savings if you drive economically. According to the Department for Transport, travelling at 85mph increases fuel consumption by 25%, compared with travelling 70mph. 14% 85mph £39.90 Get your employer involved in the Ride to Work scheme: 70mph £31.92 65% of employees saved money on commuting costs On a 270 mile journey from Newcastle to London you could 55% % of employees feel happier and more productive save £7.98 if you stay within the speed limit!* *Based on achieving 51.4mpg at 70mph using a Ford Fiesta, 1.25 litre. £261.70 / 13% of monthly outgoings Housing costs 13% of our monthly outgoings goes on utility, mortgage/rent payments, so it's always worth checking comparison sites such as 13% Average national, monthly costs for: Gas £64.58 Electricity £37.75 Turn down your washing machine 30°C Water $31.33 You can save up to 40% on energy consumption if you turn down your washing machine to 30°C. Also, it's better for the environment with a carbon saving of 0.26kg per wash! Council tax £99.66 $56.30 / 3% Communication of monthly outgoings Our ever-increasing dependency on mobile communication and connectivity means we are spending more time and money on our phones. According to a survey by 02 and Samsung, users use their smartphones for the following per day: 24 17 15 14 12 11 10 9. min min min min min min min min Internet Social Media Music Games Phone calls Emails Text TV / Film £5,000,000,000 That's how much we are overpaying a year on our mobile contracts. The average monthly data allowance is 500 mb. Check your SMS, call minutes and data usage with your provider and reduce your contract as soon as you can! Also, HAGGLE! $51.10 / 2% of monthly outgoings Alcohol and tobacco Here's a look at what a smoker could save on a 10-year, £100,000 life insurance policy by quitting. The monthly payments of the two policies are compared below. 2% 55 year old smoker £41.20 55 year old non-smoker £16.89 ンン / ン £226.90 is the amount you could save a month if you quit that 20-a-day habit. *Based on an average pack price of £7.46 Household items £136.10 / 7% of monthly outgoings More than £1 billion is spent each year on cleaning products. We took the same 2 branded items from 4 different supermarkets and compared the total costs. We then compared them to see how much you could potentially save if you bought non-branded equivalent products. 7% Branded comparison Branded v Non-branded Sainsbury's £6.17 £2.97 Branded Tesco £2.97 Non-branded £1.05 Asda £3.99 Buying concentrated cleaning products reduces packaging - helping the environment and saving you money too! Waitrose £6.17 Price survey conducted 13/07/12 in major supermarkets £101.40 / 5% E Shopping of monthly outgoings In 2011, the value of UK retail sales was over £303 billion, with online retail sales accounting for around 9% (£27 billion). 5% According to a study by Global Cool, over half of all clothes, shoes and accessories bought by British women were never worn – totalling ... £11.1 Billion wasted 10% (900,000 tonnes) of all clothes bought were thrown in the bin. Have you heard of Swishing? Swishing is the term for hosted clothes swapping events, which are increasingly popular throughout the country. Online search: swishing. This resulted in 8 million tonnes of CO, released into the atmosphere - equivalent to the annual emissions of all the homes in Wales. O The rest... £155.60 / 8% of monthly outgoings $65.00 / 3% of monthly outgoings £251.70 / 12% of monthly outgoings 8% 3% 12% Insurance and Education Recreation other financial services and Heathcare and culture £169.90 / 8% £291.60 / 14% of monthly outgoings of monthly outgoings 8% 14% Restaurants Other and Hotels spending Designed and collated by

Where does your money go each month?

shared by thinkmoney on Jan 03
A breakdown of your monthly outgoings - food, transport, utility bills and even waste. What can you do to cut back and save? There are some handy tips in this infographic: e.g. Have you ever heard of ...




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