Do You need that Loan?
Can you do without it?
Summary: Next time you're tempted to splash out on some new gadget, stop and ask yourself "Do I really need it?" The chances are the answer will be no - so maybe it's time to stop and think!
According to a recent survey almost 50% of adults say that they're not able put by any money for retirement. In actual fact, this group are the most extravagant spenders when it comes to luxury purchases. It seems that the average household spends £54 a month on alcohol. £91.50 per month is the average spent in hotels and restaurants and clothes and footwear swallow up an average of just under £100 per month.
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With many houses now worth around £300,000 and the world and his dog appearing to jet off to faraway places at the drop of a hat, it seems as though everyone's enjoying a wonderful lifestyle. Glossy magazines remind us of this all the time and might make you think "I want a slice of that!"
Maybe it's hardly surprising, then, that another conclusion is that a lot of hard-earned cash is being spent to things you don't really need and billions of pounds are being spent each year on luxury items that seemed a good idea at the time, but rarely see the light of day.
A recent study has come to the conclusion that a lot of money is spent on things people don't need and it seems that British people have spent £169 billion on costly luxury items that rarely get used or even remain unused and forgotten about.
Mr and Mrs Average will have bought over £3,600 worth of pure indulgences each in the last year. Lots of women find themselves unable to resist clothing and soft furnishings, whilst it seems that the men are fond of squirreling away things like games consoles, video equipment and all manner of gardening equipment.
Whilst it should be said that spending is a personal choice, surely paying out an excessive amount in interest for goods which are surplus to your needs seems a little pointless?
Maybe it's time to spend a little less time around the shopping centres and have a look on the internet instead. If your credit spending is spread over a large number of credit cards or loans, how can you be sure you're getting the best interest rate deals? The answer is, you're probably not.
