Almost a third of British women spend the majority of their monthly wage within a week of being paid – and almost half admit they can’t budget for toffee (or clothes, or bills, or anything else that comes to mind apparently!).
Researchers took an in-depth look into the spending habits of working women in the UK– and the results revealed a further 7% have splashed most of their salary within 24 hours. That’s a bit excessive, even for us!
The study also revealed almost half (42%) attempt to stick to a monthly budget, only for it to “never work out” – with a further 41% admitting they “struggle” to make their money last the full month. However, the results showed that almost one in ten admit to splashing the cash every month on a payday splurge – with the average cost of a monthly spree emerging as £262.50. Just over a quarter admitted splurging on a big night out with friends or family following pay day.
The top payday splurge emerged as clothes (28%) and one in five (20%) admitted buying new shoes as soon as their wages appeared in their bank account. Household luxuries and beauty treatments were the next must-have items on the list.
Vix Leyton from cashback and rewards site Quidco who commissioned the poll of 2,000 working Brits said: “‘When you work hard, it’s understandable to feel entitled to having a little bit of what you like at the end of the month when your salary comes through, and it’s very easy to justify the spend. But it’s important you don’t allow common sense to go out the window, leaving you on a strict budget when the payday euphoria wears off.”
“Rationing yourself aside, there are ways to make your money go a lot further without resorting to beans on toast at the end of the month. Getting into the habit of using reward sites to build up cashback on all purchases, from your everyday essentials through to life’s luxuries, effectively generates extra funds that you can either save, or are free to spend at a later date.”
The study also revealed how Brits manage financially once their wages have spent. Worryingly, 17% have to rely on credit cards to see them through the remainder of the month – while a further 16% go straight into their overdraft. And more than one in ten admitted to having to ask family members to help them out until the next pay day.
Ironically, despite the results, 89% of women questioned claimed they were “money savvy.” Doesn’t sound like it girls!
Our tips for stretching, not spending, your wages:
- Use a cashback card for purchases which allows you to earn credits or rewards each time you spend
- Install a budget app like GoodBudget to enable you to keep track of what you’re spending, and give you a daily limit
- Sign up to voucher clubs for regular emails revealing discount codes for your favourite shops
- Invest in a Tastecard which gives you 50% off at thousands of restaurants across the country. We have negotiated a discount for Belle About Town readers, simply enter code Bella161 at https://www.tastecard.co.uk/purchase/join/promo:BELLA161 and get a three-month card for just £1
- Never go out or make any social plans again…. Yes, we’re kidding on that one! But why not invite the girls round to yours for a night in and ask everyone to bring a dish or drink to share round?