People living in the South East spend £3,323.80 every month, according to personal finance manager Money Dashboard – the third most after the East of England and London.
Mortgage and rent payments totalled £865.03, with debt repayments accounting for £835.51 of monthly outgoings, according to figures released by the Edinburgh-based company. Having fun, meanwhile, accounted for £591.66 of our pay packets, while spending on appearance hit £108.83.
Money Dashboard analysed more than three million transactions across the UK to prepare the figures, splitting spend across ten categories, covering: appearance, enjoyment, bills, family, mortgage or rent, home and transport.
Maria Anaplioti, insights analyst at Money Dashboard said: “It’s perhaps unsurprising that accommodation costs account for the largest proportion of our monthly spend, but the amount of money being spent on loan or credit repayments must be a concern, representing a fifth of our outgoings.
“Getting control of our finances means we have more money to spend on the good things in life – such as holidays, cinema trips or improving our homes.
“Setting a monthly budget with a savings target is a great way to stem the debt flow and ensure you aren’t caught in the endless cycle of paying off interest while the amount owed accumulates.”
The report also revealed spending on the home accounted for £343.77, with bills accounting for £240.86 – both the highest spend in their category in the UK. Monthly spending on insurance premiums accounted for £92.40, while transport expenditure hit £150.75.
How monthly spending was broken down in the South East:
Mortgage or rent: £865.03
One-off or other: £52.68
Grand total: £3,323.80