Savvy Brits make spending ‘trade offs’

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savvy brits

savvy britsSeven out of 10 Brits are choosing to make trade offs, either in their lifestyle or their spending, with the majority doing so to make the most of their money.

First direct bank revealed that 35% of people make such compromises because they are motivated by money, while 23% said it helps them enjoy their life more.

The figures demonstrate that families across the UK are performing smart balancing acts as they look to get maximum value from their everyday decisions at a time when personal finances are under severe pressure.

Top 5 Most Common Trade Offs

1. Travelling at off peak times to get cheaper tickets (39%)

2. Buying food on offer in the supermarket to be able to afford other treats (34%)

3. Cutting back on spending now to have more money in the future (30%)

4. Walking as it is more eco-friendly even though it takes longer (30%)

5. Having a shorter holiday but staying at a nicer resort (25%)

These balancing acts are most commonly found on shopping trips (61%), where many of us use vouchers or make the most of discounts at the supermarket or on the high street.

A total of 56% make these decisions with their holidays and 45% take this approach with their diet and lifestyle.

Choices

When it comes to shopping, 22% of people are prepared to spend more money on a single item of clothing as they feel they will get more wear out of it and it will last longer, whereas 20% take the opposite approach and shop in less expensive shops so they can afford to buy several items of clothing.

In terms of lifestyle, one in five people do not drink in the week so they can enjoy a drink with their friends or partner at the weekend, while 56% of us make trade offs to ensure they get the kind of holiday we want.

Young people appear the most likely to make compromises in almost all aspects of their lives.

The findings reveal that half of under 24s travel at off peak times on trains and buses to save money, compared with 35% of over 55s.

 

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