The results of the Co-operative Bank’s study on spending habits are in, and they’re not pretty. Collectively, our spending has us scrabbling with overdrafts, credit card bills and loans.
As students, we’re not expected to have the best spending habits. But not saving is what really gets us in trouble for when we do want to splurge. Planning ahead for our debauchery rather than playing catch-up is something that doesn’t seem to naturally occur to us. Rather, it’s a skill we have to work on – 45 per cent of us make a New Year’s Resolution to be better with money.
By the summer holidays, we’ve naturally forgotten all about that. School’s out and we’re ready to have a good time. The average student then spends an average of £314.50 more than usual over the summer months, shelling out on a new wardrobe, the socialising we didn’t get do during the academic year , going on holiday or to Glastonbury and other events. Check out this infographic to see the other ways we spend our money.
A Frugal Christmas and a Debt Free New Year – An infographic by the team at The Co-operative Bank