Spending Soars on Payday!
A new survey has revealed that a third of people double their non-essential spending on payday.
Post Office Money ran a survey that found that people not only spend much more than they need to on payday, but they were also likely to ‘font-load’ their spending, meaning they spend at the start of the month.
Unfortunately, this feeling of wealth doesn’t last, with many people admitting they are struggling by the end of the month. 20% of people have said they dip into their savings to cover costs toward the end of the month.
Ross Hunter, head of product at Post Office Money said: “Saving can be hard, as anyone who has tried to stick to a budget knows.
“However, realising what can trigger your unconscious spending can give you back control and help improve your long-term savings potential.”
One of the biggest triggers was said to be ‘scrolling on their mobile’, coming in second and third were ‘having a bad day’ and ‘feeling stressed’. 10% of people questioned admit they find it hard to browse online without spending money.
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