How much money do you waste each month?

The ongoing economic uncertainty and return to recession means that households across the country are trying to cut back on their expenditure, manage their money a little bit better and cut down on waste. However, a survey has shown that, despite the financial hardship, people are still wasting money instead of spending it on essentials they actually need.

The result of the survey show that adults in the UK waste on average nearly £30 every month. Most of the respondents had no idea they were wasting so much before they set down to work it all out and it is believed that almost everyone would be the same.

Cities wasting the most money include Newcastle, where £43.90 each month is frittered away, followed by Cardiff (£42.80), Glasgow (£38.30) and London (£34.50) – all of which beat the national average of £28.90.

Men tend to be less switched on when it comes to keeping an eye on their spending, wasting more than £30 each month on non-essential items compared to their female counterparts who waste £27.30 over the same period.

The survey also revealed a direct correlation between how much we spend and how much cash we carry around. 10% of men keep between £75-£100 in their wallets, compared to just 4% of women.

Compared to how much people are wasting each month the cost of a life insurance policy is very cheap. However, it is certainly not money wasted. For people with dependents, young families or large mortgages to pay, life insurance can offer security and peace of mind.

You can currently get a £50 Sainsbury’s gift card when you take out a life insurance policy with them online, while rival Tesco is offering 3,000 Clubcard points when you get a quote by 15 August and go on to buy that policy.

Many other providers offer a wide range of incentives to those who take out cover with them, although your decision should not be driven by such gimmicks – focus more on getting cover that meets all your requirements.

Find out exactly what your dependants will need to have a comfortable life should you die and then get the right level of protection for the cheapest price. And if you have no dependants whose life may be impacted by your death, then income protection insurance or
critical illness cover are the best options for you.

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