Ever wondered which month you spend the most money in or why overspending occurs more heavily at certain times of the year? An infographic from The Co-operative Bank has sought to answer all our financial questions and there’s a few startling statistics to get your head round.
A Frugal Christmas and a Debt Free New Year – An infographic by the team at The Co-operative Bank
Most expensive month
There are plenty of competitors vying for the title of ‘most expensive month’ but January has to be the overall winner. With households struggling with the overspending brought about the Christmas festivities, two thirds of us spend our January’s paying back credit card bills and overdrafts with 50% of us avoiding the famous January sales in an attempt to save money.
Just when you think your problems are over, March rears its ugly head as another big contender. This is when most of us finally clear that festive debt hangover but with an extra £167.75 coming out of our pockets for Easter we’re soon back at square one.
Overspending itself is then highest between June and August when our budgets struggle to accommodate the additional £314.50 we are spending. Unsurprisingly, this puts September as another difficult month as 45% of us admit we find money tight as we try to get over our summer spending.
Booze over Biryani
Looking at how we cut costs, the infographic also gave us plenty of food for thought – although not quite as much to eat as 36% of us would rather give up takeaways than the 18% who said they’d abandon the beer!
Household shopping bills nosedived for 59% of us while almost half (46%) of us stopped socialising and 16% went as far as to stop inviting friends and family round for dinner. A shocking 23% even turned off the heating, proving that it’s not just luxuries which get the boot when we’re looking to boost our cash-flow.