Stop wasting your money!
It is reported that as many as15 million workers have less than £249 set aside for the proverbial rainy day, this figure is the equivalent of 5 day's average take home pay, the report says. This report also states the figure people should have in their bank account and this should be, wait for this, £4,863.
Now most people who work incur expenses, and not the ones that can be claimed back or set against tax. Transport, clothing and food spring to mind and need to be deducted of this massive wage.
The weekly cost in the average household for what is now deemed necessities is £265 which is made up of £170 mortgage, £36 personal loans, £5 Internet/TV/telephone, £23 gas/electricity, £7 water, £3 home insurance and £21 council tax. There is no money left for food this week, never mind putting money in the bank.
If you want to find out how to manage your average wage and save for a rainy day contact the author of the report,
Richard Brown, Head of Savings at HSBC, Planet Zog Office
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