Average Brit only has £98 to spare at end of the month

Ed Bowsher
by Lovemoney Staff Ed Bowsher on 25 August 2011  |  Comments 3 comments

Your average Brit doesn't have enough money to build a big enough savings pot.

Average Brit only has £98 to spare at end of the month

I saw some rather worrying survey results today.

According to myvouchercodes.co.uk, your average Brit has £98 to spare at the end of the month once all spending on bills, food, shopping and the like has left his/her account. The equivalent figure a year ago was £186.

These figures are worrying because they suggest that people don’t have enough money to build up a decent-sized savings pot. And if people don’t have enough savings, they’re very vulnerable if they’re made redundant or become ill.

The best way to boost your savings is to budget. And the best budgeting tool I know is lovemoney.com’s MoneyTrack. All your online bank accounts and credit cards are aggregated in one place, so you can see exactly how much money is coming in each day and how much is going out. What’s more, your spending is categorised into different areas such as restaurants or housing costs. You can access the service via your PC or our new mobile app.

You can also track your success against your individual budgeting targets. Check it out now.

More:  Free MoneyTrack iPhone app live on iTunes 

Enjoyed this? Show it some love

Twitter
General

Comments (3)

  • eLJay
    Love rating 78
    eLJay said

    I'm better than the average Brit - I have my half of the mortgage payments I need saved for one year. It would have been 4 years but I was silly and bought Lloyds shares.

    Report on 06 December 2011  |  Love thisLove  0 loves
  • robkos
    Love rating 0
    robkos said

    We may be worse off than we were a year ago, but if we have on average £98 left after expenses at the end of the month, we are among the 7% of world's wealthiest. Puts it all into perspective, doesn't it?

    Report on 05 September 2012  |  Love thisLove  0 loves

Post a comment

Sign in or register to post a reply.

Our top deals

Credit card
company
Balance transfers rate and period Representative
APR
Apply
now

Barclaycard 31Mth Platinum Visa

0% for 31 months (2.99% fee) Representative 18.9% APR (variable) Apply
Representative example: Assumed borrowing of £1,200 for 1 year, at a Purchase Rate of 18.9% (variable), representative 18.9% APR (variable). Credit available subject to status. A Balance Transfer fee of 3.5% will be applied, then reduced to 2.99% by a refund (terms and conditions apply). Plus an additional £20 fee refund on balance transfers over £2000.

Barclaycard 30Mth Platinum Visa

0% for 30 months (2.89% fee) Representative 18.9% APR (variable) Apply
Representative example: Assumed borrowing of £1,200 for 1 year, at a Purchase Rate of 18.9% (variable), representative 18.9% APR (variable). Credit available subject to status. A Balance Transfer fee of 3.5% will be applied, then reduced to 2.89% by a refund (terms and conditions apply). Plus an additional £20 fee refund on balance transfers over £2000.

MBNA 30Mth Platinum Credit Card Visa

0% for 30 months (2.89% fee) Representative 18.9% APR (variable) Apply
Representative example: Assumed borrowing of £1,200 for 1 year, at a Purchase Rate of 18.9% (variable), representative 18.9% APR (variable). Credit available subject to status.
W3C  Thank you for using One Flew Over the Cuckoo's Nest