How much do you spend on entertainment every month? Given the rise of streaming and subscription-based services, not to mention the cost of a typical TV and broadband package, it could be quite a lot – and in fact, research shows that many consumers actually spend more on TV than council tax.
Research from VoucherCodesPro.co.uk has revealed just how much the typical consumer prioritises entertainment, and the results may be surprising.
Overall, participants estimated that 45% of their monthly income is used to pay essential household bills (rent/mortgage payments, council tax, gas and electricity, water, groceries, etc.), while an average of 20% goes on entertainment (theatre, cinema, eating out, etc.) and 15% goes into a savings account. However, breaking it down further shows that not everyone feels this strongly about prioritising the essentials…
In fact, 39% of those surveyed admitted that they spend more on their various TV subscriptions than they do on council tax each month. Not only that, but 24% spend more on eating in restaurants than they do on rent or mortgage payments, 48% spend more on cinema trips than their water bills and 77% spend more of their income in pubs than they do on their energy bill, so for many consumers, leisure and luxury really do come before the essentials.
If you've gone through your outgoings and realised that you probably spend more than you should on the little luxuries on life, it could be time to make some changes, particularly if you're one of the many who dip into their savings or overdraft to make it to the end of the month.
All it could take is a bit of willpower, and you needn't be too drastic to begin with – rather than going out for a meal every week, for example, perhaps cut it down to once every two weeks, and the same could apply to the likes of cinema trips and nights out. Put the money that you would have spent into a savings account, as seeing the balance ramp up could spur you on to make even bigger cutbacks!
Be on the lookout for vouchers and discount codes, too, as that way you could still enjoy a treat without spending a fortune. You may also want to cut back on your home-based entertainment spend, but you don't have to go cold turkey – why not start by comparing phone, TV and broadband packages? You could well find a cheaper deal, particularly if you're coming to the end of a contract and your initial offers are about to expire, so it's well worth checking. A few tweaks could be all it takes, and if you start trying to be a bit more careful with your spending, your budget – and savings – could thank you for it!
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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