Skipton Building Society has released research that they have conducted into the public’s spending habits along with a number of top tips on how to save money.
Their research surveyed over 2,000 people and suggested that British people may be housing up to £30 billion worth of items which they will never use.
As well as this, the research concluded that an average person wastes almost £40 a month on items which are useless and avoidable.
Kris Brewster, Head of Products for Skipton Building Society, who commissioned the research, said:
“It’s surprising to see how much all of these little, everyday expenses can add up to, and how avoidable they can be. And if we’re honest, those ‘one-off’ bigger purchases are probably much more regular than we think as we sleepwalk into spending our money.
“It’s important that people stop and make the time to pause and think about their finances, considering how their spending habits big and small could have an impact on their personal savings. Without taking this time, we can all be led into to wasting money, just because bargains look too good to refuse!”
Skipton Building Society’s tips to save money
Give up the daily coffee
Ditching the daily takeaway coffee habit could save a surprising amount over the course of a year. Giving up a £3-a-day coffee could save around £700 a year. Invest in a half-decent coffee machine and make coffee at home for pennies instead
Skip the odd takeaway or meal out
Save a few pounds (cash and weight) and break out the cookbooks rather than takeaway menus. Cutting back on one £25 takeaway or meal out a month will save £300 over the year, as well as being good for your waistline. Plus, it’s a well-known fact that homemade food tastes better than anything you buy.
Downgrade your phone contract
With contracts for the latest flagship phones easily costing £50 or more a month in many cases, trading down to a much cheaper SIM-only deal can save a small fortune. By shopping around, you may be able to shave off £35 or more from your monthly bill. Over the course of a year, that could add up to £420.
Slash that massive paid TV package
Are you paying for satellite or cable TV channels or a package that you hardly use, like sports or movies? A top-of-the-range paid TV subscription can cost as much as £70 a month. Opting for a more basic package could save around £50 a month – or you could consider Freeview, which is free-to-air – and watch any big matches in the pub, saving as much as £600 a year.
Axe your gym membership
How many people signed up to the gym in a bloated, post-Christmas pang of guilt, only to trail off by late January? Get your running shoes on instead, hit the local pool or join the crazy for bodyweight workouts (that’s doing press-ups and sit-ups for the rest of us). You could save £300 to £600 a year.
Skip the night on the town
With a night out weighing in at as much as £60, giving your wallet and liver a break once in a while can be a good idea. Stay home one extra night a month and save up to £720 a year.
Have some patience with gadgets and games
Are you the kind of person who just has to have the latest gadget or game as soon as it comes out? Maybe you time your phone upgrades around the Apple release cycle? The price of phones, consoles and other gadgets all tend to fall quite rapidly after their initial release – so having a little patience and waiting a few months can often be a shrewd move. Depending on how many you buy a year, you could save a few hundred pounds.