Budget loving residents are saving up to £200 each month by simply keeping an eye on their spending
ONCE a stigma for being poor, being 'on a budget'
is now saving residents in the North West up to £200 each month as it becomes an
everyday method of money-saving. A study by TopCashback.co.uk, reveals 65% of
residents are now on a weekly or monthly budget with 64% doing so to prevent
overspending rather than to save. A further 18% say they budget to feel in
control of their outgoings, compared to the 11% who are tightening their belts
in a bid to reach a savings goal.
► Budgeting tools
21% of residents in the North West say they use a budgeting tool with 45% keeping a record of their incomings and outgoings on a monthly basis, whilst 18% say they're able to budget by simply checking their bank balance.
Residents who use an online budgeting tool or app save between £50 and £100 each month, whilst those who keep a record of their incomings and outgoings save an average of £100 to £200 each month.
► Budget busting
35% of residents in the North West do not budget, with 21% overspending into an overdraft, using a credit card or taking out a loan each month. A third admit to overspending by £50 to £100.
For the 15% who do not or only sometimes stick to their budget, common 'budget-busters' include eating out, buying clothes, socialising with friends and going out to bars and clubs.
► Other key findings reveal
76% of residents say budgeting is 'easy', whilst the other 24% find it 'challenging'
Women overspend on eating out and buying clothes, whereas men blow their budget on socialising with friends
75% of residents would happily tell their friends, family and colleagues they're tightening their belt in a bid to manage their money
Natasha Rachel Smith, Consumer Affairs Editor for TopCashback, said:- "Being on a budget was once seen as something that would hold people back from doing what they wanted and enjoying themselves. However our research shows consumers have become savvy to the idea of setting aside money each month to increase their spending power for the long term. 57% of Brits now assign budgets for different categories, which simply set sensible guidelines to prevent overspending and landing in the red. Perhaps this is a by product of the recession years, when consumers had to financially adapt to survive the tough times, and, quite refreshingly, the habit's remained even though the British economy's improved. When setting budgets, consumers can also look for ways to reduce their spending in each category by earning cashback and using discount codes or vouchers. Signing up to TopCashback for instance can save shoppers around £356 a year in cashback savings alone."