Time to reset your finances after a sweltering summer of spending

0

After a summer of record breaking temperatures, new research from Sainsbury’s Bank has revealed the true cost of summer with UK adults spending an average of £726 to enjoy activities from BBQs to theme parks.

Top costs included going out for drinks (£108), new summer clothes (£96) and BBQs and picnics (£67). It seems the sunshine made the public make the most of the longer days with a quarter (25%) going on more day trips and a fifth (20%) spending more time visiting friends. Furthermore nearly a quarter (22%) chose to eat out more than usual at restaurants and cafes.

 

Holidays still a hit both at home and abroad 

Despite the heatwave, the majority of holidaymakers still travelled abroad for their summer getaway. Nearly a third (30%) went on a foreign holiday, adding an average of £585 extra to their summer bill, with family and beach holidays being the most popular type of break in July and August(2). However, one in five adults (20%) chose to enjoy a staycation in the UK, spending an average of £165.

 

The cost of childcare

Childcare was another cost to factor into the family budget with nearly a quarter (23%) having to pay for childcare, such as babysitters or sports and summer clubs. More than a fifth (21%) took time off work to look after their kids and almost a third (32%) enlisted the help of family and friends.

 

Autumn audit

As summer comes to an end, it seems spending habits change with the weather. At the start of the autumn, over half (54%) of UK adults are planning on tightening their belts in the lead up to Christmas. Over two thirds of shoppers (67%) admit to not having a summer budget, which could have led to unplanned splurges.

As the weather gets cooler, there are other costs to consider as over a third (36%) of shoppers are planning to refresh their autumn and winter wardrobe. Consumers are also considering larger, yearly purchases as more than a quarter (26%) will be renewing their car insurance and 22% will be booking an MOT. Plus, more than one in ten (14%) will be taking out annual travel insurance.  Holiday costs also have to be factored into the autumn for over half of the population (54%) prefer to get away in September and avoid the summer rush. 

 

By taking advantage of Sainsbury’s Bank’s Nectar offers on insurance, you can double and even triple Nectar points on Sainsbury’s shopping which can help to maximise any returns from your spending in the lead up to Christmas, which for many is the pinnacle of the yearly spending peak. Once Christmas arrives you can then redeem your rewards in the most appropriate way such as money off your food shop to help stock the fridge for Santa’s arrival or cashing in your points for presents at stores such as Argos.

LEAVE A REPLY

Please enter your comment!
Please enter your name here