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Revealed: The 20 things you’re wasting your money on

27th Nov 17 10:34 am

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As a Nation, we’re wasting £30.5bn* a year on stuff we don’t need, don’t use or are too busy to sort out, according to new research** commissioned by GoCompare Money.

Almost three quarters (73 per cent) 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

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