9 fun stats on smarter spending and doing more with your money
At Yolt, we want to empower people with their money, so they can go out and enjoy life the way they want. But how do you get that control in the first place? An ideal starting point – for each and every one of us – is actually sitting down and thinking about what actually matters to you the most. If you could do more with your money, how would you enjoy it?
We thought we’d get the conversation started, so we reached out to some of our own community members with a quick survey. There were lots of great insights (big surprise, everyone loves brunch!), but a few trends really stuck out. Have a look through our top nine insights and see how you relate when planning for the fun stuff in life.
The question of convenience
There’s no shortage of stories on our modern-day love of convenience. After all, last year’s big story highlighted the mood-boosting effects of spending money on time-saving tasks. But our respondents told a more nuanced story. Given multiple different scenarios, they generally opted for the more time-consuming option if it meant saving more money for the things they enjoy.
1. 61% said they’d pick public transport over cabbing it home after a night out
With the likes of Uber and other cab-hailing apps at our fingertips, it’s never been easier to splurge on a ride home. But, in our survey, the majority said they’d go for the cost-efficient route, especially if it meant saving for more fun next weekend
2. 71% said they’d sooner spend their money on a monthly gym membership over trying different classes at various fitness studios
If you prefer switching things up to keep motivated at the gym, a class-hopping pass might be your best bet! But, if you want more for less, a gym membership might be better for you. Let’s say your membership puts you back £30/month; if you hit the gym 12 times in that same period, your session comes out at £2.5 versus an average £10 per fitness studio class. Of course, this scenario only really works if you use your membership. We have a handy subscriptions tracker in Yolt that can help you out with that!
3. 42% said they’d rather use an annual £500 coffee budget to buy a fancy espresso machine than spend it over the year at their favourite cafe
This might seem like a splurge, but if you’re willing to take the time to brew your own coffee in the morning, you could save a ton of money over all, even if you splash out on a fancy machine. Think Money has a handy blog all about the cost-cutting effects of getting your daily dose at home.
4. 72% would rather get their film fix with a streaming subscription over a monthly movie night at their local cinema
In this case, the convenient option really gets you the better bang for your buck! Plus, saving on the transport and cinema snacks could give you more spending power for some of those bigger ticket items throughout the year, like concerts and other leisure treats. Sometimes doing more with your money is as simple as doing a bit more at home.
Our respondents tended to approach their leisure spending with balance and consideration. The majority generally preferred staggering their leisure spend throughout the year in smaller bursts, a great approach if you like having lots of fun to look forward to without breaking the bank.
5. 58% would pick a bunch of mini breaks over one great escape
Given a hypothetical four weeks annual leave and £1200, the majority said they’d rather stagger their time off over a few small breaks instead of one big trip. According to this research, that might actually be the best way to boost your happiness levels throughout the year! Doing more with your money = doing more for your mood!
6. 56% would pick a few smaller gigs throughout the year over their favourite music festival
Similar to travel planning, the majority said they’d rather get their music fix a few times throughout the year. Research from Babatoo found that the average person spends over £350 per music festival. So, if a few of your favourite performers are in town throughout the year, you might be better off opting for a few gigs – plus you can ride those high energy, mood-boosting vibes month over month.
To splurge or not to splurge
That said, our respondents also enjoyed the occasional splurge. While most of our respondents avoided splurging on large ticket items, many were more likely to indulge on a smaller scale, especially when it could be achieved through some of that aforementioned epic planning.
7. 69% preferred cooking at home most days, if it meant saving-up for a monthly meal somewhere cool
When it came to wining and dining, most people were happy to live more frugally if it meant saving up for the occasional meal at the hottest new place. If you're looking to cook at home a bit more often, Yolt makes it easier than ever to stay on track of your 'Groceries' budget! Emma Drew also has a super handy blog on meal planning that could help make that next meal out even more achievable. Check it out here!
8. 57% would go for an epic payday brunch over a more affordable weekly option
When it came to actually enjoying that special meal out, the majority opted for a luxe payday brunch once a month over a less expensive weekend treat. It’s all about finding that perfect money-meets-lifestyle balance!
9. 37% would treat themselves to one epic signature piece
That said, our respondents didn’t shirk away from the occasional big blow-out, especially if the opportunity presented itself. We asked our participants how they’d spend an unexpected boost in their shopping spend, like a £500 gift certificate for their birthday. While the majority said they’d use it to update their overall wardrobe, we were surprised that nearly a third would go all out a single signature piece, like a handbag or designer shoes!
Do more with your money – for more of the stuff that matters
Whether or not you saw some similarities between the insights above and your own approach to spending, we hope it got you thinking about the fun things in life and how to make them happen! Because, at the end of the day, that’s what it’s all about! If you’re looking to take that next step, and do more with your money, check out Yolt to get started with smarter spending, better budgets, and deal finding!
See yourself in the stats above – or not? Join the conversation by tweeting us at @getYolt
Source: Yolt spending survey of 110 respondents. February 2018.