Infographic: where does your money go?
Here at thinkmoney, we wanted to take a look at exactly how people across the UK spend their money every month, based on official figures from the Office of National Statistics (ONS).
After tax, the average British household with two working adults has £2,274 to spend each month - and we wanted to find out how this money is typically spent. In terms of essential expenditure, transport worked out to be the most costly monthly expense, accounting for 14% - or £281.20 - of income, closely followed by housing costs (13%, or £261.70) and food (11%, or £230.50).
Our research also revealed some interesting results about the amount of money we spend on our phones and gadgets (for example, we overpay by £5 billion every year on our phone contracts), and how much money you could save over a year by making your own lunch, rather than buying pre-made sandwiches (£169.46).
For more facts like these about the nation's spending habits, take a look at our infographic. You might be surprised at what you find - and it might give you a few good cost-cutting ideas...
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By Daniel Culpan.