Saving money news
Avoid the payday pinch
11 December, 2006
Brits splash the cash as soon as they have been paid, with recent research showing that the nation spends more than £350 million during the first 12 hours after they have been paid.
An eagerly awaited payday will see 2.5 million men and women blow £100 of their hard-earned cash, and another 1 million will spend the same amount on a payday shopping spree over their lunch break.
Most of the UK’s workforce will have spent all their wages by the 21st of the month, although in the North West they will have exhausted the funds by the 19th, making them the quickest region to fritter away their cash.
Millions more will blow as much as another £200 on indulging over the payday weekend, partying until the wee hours with little more than an obliging nod to their diminishing pay packet.
More than 75 per cent of men will spend their money on filling up their bellies, splashing out on take-aways and fancy meals out, as well as state-of-the-art gadgets and new clothes, while most women prefer instead to fill up their wardrobes – choosing fabulous new shoes and eye-catching outfits.
A lot of people will spend very freely at the beginning of the month, spurred on by their fat bank balances, but this will leave them struggling later on when they begin to feel the sting in the tail.
In the week before they get paid, most men and women are surviving on an average of just £60. In efforts to cut costs over those bleak seven days, most will pop round their parents for free meals, take the bus to work, or even ask their neighbours for lifts.
Many Brits will deal with the financial strain in the week preceding payday by cutting down on trips to the pub and making packed lunches for work, although a staggering two million cash-strapped adults will instead opt to go hungry, cutting out the odd meal in order to save a few extra pennies.
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