Money may be tight right now but it seems there are some habits households firmly refuse to give up on.
Holidays are a top priority, according to research commissioned by budgeting app HyperJar, with two-fifths (39 per cent) of holidaymakers saying they won’t give up on spending on getaways.
Fitness is also a must-have for some, with a third (33 per cent) of gym-goers saying they won’t give up their membership.
And nearly three in 10 (28 per cent) with streaming subscriptions say they won’t be ditching them, according to the survey of more than 2000 people carried out by polling company Yonder.
On top of this, more than half (57 per cent) of those surveyed aren’t willing to reduce spend on birthday gifts for their loved ones.
A quarter (26 per cent) of shoppers, meanwhile, won’t give up on retail spending and just over a third (35 per cent) won’t stop eating and drinking out.
While it’s important to make room for the things that bring enjoyment to our lives, some habits may have a negative impact on wallets if they’re not kept in check.
If you have a few subscriptions, it may be worth weighing up which ones are absolutely essential to you and which you could perhaps live without.
But if you do decide to keep them all, there may be some subscription options to receive a more basic service for a cheaper rate.
It may also be cost-effective to tweak a few habits in different seasons. For example swap the gym for a walk in the park, or have picnic rather than eating out in summer. In winter, invest in warm clothes or a heated blanket instead of putting on a heater.
If retail spending is becoming an issue, try taking a ‘breather’ before going through the online checkout, to give yourself time to decide whether it’s really worth buying extra items just to get the free postage.
HyperJar founder Mat Megens says: “It’s about making sure we’re doing all we can to make our money go as far as possible.
“There’s no magic wand, but we can all drill down into our budgets to understand where our money is going, to save and cut costs where we can.
“Even if you can’t save much at all, being more conscientious with your spending will help you psychologically. An understanding of what you have and where it needs to go will help make navigating this period less stressful.
“Nowadays, when paying is so frictionless, it’s easy to overspend because there’s less of a concrete connection with money.”
Using physical cash at least sometimes to spend, or setting up a banking app alert when a card is used, could be useful ways to make sure you feel connected to your spending.
What are your spending habits like? What must-haves won’t you give up? Let us know in the comments section below.
Also read: Money moves you should make in your fifties
– With PA
Don’t call me miserly but as a retiree I don’t have a need for any subscriptions, don’t go to a gym, don’t do “retail” therapy or feel that I need to dine out in fancy restaurants or pubs.
I cannot give up my games of croquet, my sports car, dining out once a month with ex-coworkers for a curry or Chinese, joining in a family reunion lunch monthly or my caravan holidays with my wife. Who needs anything more???
well those that won`t give up holidays and other luxurious expenses money is NOT tight.
they just need to learn what tough is.