Thrifty Brits look for money saving tips

New research from Abbey looks at how Brits are changing their spending habits and adopting a more thrifty approach when it comes to shopping in 2009. The average UK salary can stretch a further 7 per cent when spent more thriftily and a third of Brits visit at least 5 shops before they make a purchase.

Abbey say that by adopting this thrifty approach to essential and non-essential shopping Brits are saving an average of £1,746 EACH, per year, which, when you think about it is the additional 7 per cent if you’re earning the average UK annual salary of £25,100.

Here are the savings Abbey say people are making today;

• £17.10 saving per week on food - 69 per cent
• £17.27 saving per week on travel - 46 per cent
• £19.47 saving per week on entertainment - 61 per cent
• £229 savings on holidays throughout the year - 51 per cent
• £139 savings on financial products throughout the year - 35 per cent

Head of Credit Cards at Abbey, Callum Gibson said: “At a time when people’s finances are becoming ever more stretched, it’s not surprising that Britons are becoming more astute about how they shop and are prepared to shop around and economise to make their money go further. But savvy spending isn’t the only way that Britons can make key savings. Recent research by Abbey Credit Cards found that by transferring to a 0 per cent deal, Britons with an outstanding credit card balance could save an average of £443 a year, a huge saving in today’s difficult economic climate.”

I think Mr Gibson is talking absolute sense here; with the average UK credit card debt now standing at around £5,000 making a balance transfer will save you money in the long run, even taking into account the balance transfer fees that credit card companies charge.

Features of the new market leading Abbey Credit Card;

• 0 per cent on balance transfers for 15 months (balance transfer fee of 3% applies)
• 0 per cent on purchases for 3 months
• Highly competitive ongoing Typical APR of 15.9 per cent