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People waste nearly £600 a year

Nov 28, 2017
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New research from GoCompare reveals that £30bn is wasted each year on uneaten food, clothes that are never worn, household bills and bundled TV/broadband deals.

Almost three quarters of us admit to wasting money, with unworn clothes, getting stung by avoidable fees and paying over the odds for services and insurance among the everyday things people say they waste their hard-earned cash on.

On average, UK adults estimate that £49.20 of their monthly spending is wasted - £590.40 a year.

The research highlighted that much of the money people fritter away goes on food and beverages - buying more expensive but convenient, ready-prepared or takeout meals and drinks, or simply overbuying groceries which they end up ditching.

Rank

       20 common money wasters

  %

1 Overbuying food that doesn’t get used/throwing away left-overs   23
2 Buying clothes which are never worn   20
3 Overpaying for bundled TV/phone/cable services   19
4 Buying too many takeaway meals   16
5 Paying for lunch and snacks at work   15
6 Drinking bottled water instead of tap water   15
7 Buying brand named items rather than generic goods   14
8 Drinking takeaway coffee   13
9 Not shopping around for the cheapest gas and electricity tariff   13
10 Buying cigarettes and tobacco   13
11 Spending too much down the pub/in clubs   12
12 Eating too many ready meals   12
13 Shopping in expensive supermarkets and convenience stores   11
14 Buying pre-sliced/grated food   11
15 Paying avoidable credit card interest   11
16 Paying avoidable bank charges or overdraft fees   10
17 Paying avoidable annual credit card fees   6
18 Exceeding limits for mobile phone calls and/or data usage   6
19 Buying vitamins and other supplements   6
20 Not looking for a good deal on home insurance   5


Another key area of unnecessary expenditure people identified was overpaying for goods and services which they do use but fail to hunt around for the best prices for.  Bundled TV, phone and cable services were the top culprit in this category, which also included paying too much for utility bills and home insurance. 

Commenting on the research, Georgie Frost, head of consumer affairs at GoCompare said, “The research highlights just how quickly a few pounds of unnecessary spending here and there can really add up to a serious amount of cash. This should be a real wake-up call for the almost three quarters of us who confess to simply throwing money away, as who wouldn’t love a bit of extra cash in their pocket each month?  

Original Source www.gocompare.com

 

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