The government today started their Help to Buy ISA scheme, whereby they add up to 25% of the monthly amount you contribute to the scheme. It does have its critics but none the less a cracking scheme that gets a good return on your savings.
Continuing the theme of moving house I asked myself, How my monthly outgoings compare to the UK average?
Our cost of living, a phrase used all too often these days seems to forever be on the up, our shopping receipts and bills clearly backing up the fact.
Unsurprisingly the Office of National Statistics reports an increase year on year. With the average amount spent by each family being £550 per week – and the government is about to raise council tax again.
Biggest costs – housing, fuel and power with more than 50% of our spending going on four main categories: Food, housing & fuel, transport and recreation. In each of them, we spent more than the previous year.
• Housing (though not mortgage payments), fuel and power are our biggest costs, coming in at £75 a week.
• Transport wasn’t far behind at £71, and a third of that was on petrol.
• A total of £65 on tickets, subscriptions, pets and other recreational purchases
• Meat and fish make up more than a quarter of our £60.00 spend on food.
I was surprised to see that Londoners don’t pay the highest amount overall. Those in the South East, who spent an average a total of £590 a week – About £5 more than in the capital.
The North East has the lowest average at £425, with Yorkshire not far behind at £430 and Wales at £440.
Families in the South East and Northern Ireland spend the most on a food shop at £65 a week. More than the UK average and nearly £14 more than people in the North East and Yorkshire.
And Those in the Midlands spend the least on clothing and footwear, £3 less than the national average of £22.