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Where do you spend your money?

A new study has broken down how and where we spend our money each month, including the difference between ages, sexes and in different parts of the country.

Across the UK, SunLife Insurance found the average monthly income after tax was £2,083 – and more than half of that then goes on bills, housing, transport, food and loans.

The biggest outlay is unexpectedly on your essentials. Food, bills and transport account for 22% - an average of £458 a month.

However, 45% of our earnings are apparently discretionary – there for us to spend as we like – that’s an average of £937 a month.

How much spare cash?

According to SunLife, we get to keep an average of 33% of our earnings to spend as we like AFTER things like going out and hobbies, which take up 12% of our income.

Higher earning men and those under 34 – with less responsibility - had the most leftover, but it still seems a huge amount.

If you feel you don’t have any spare money each month, you still might be able to find ways to cut your spending on essential bills and free up some extra cash – though maybe not to the extent suggested in the survey!

Switching energy provider and moving your phone, TV and internet service can lower your bills by the tune of hundreds of pounds each year.

It’s also possible to save a huge amount on food shopping by trying cheaper brands and making sure you don’t waste food.

Starting a budget planner can also help you identify areas you possibly overspend – it’s sometimes clearer to see what you are spending when it’s over a month rather than day-by-day.

How different groups compare

The survey also highlighted some of the differences in what we earn and what we pay,

Those unavoidable bills mentioned before are £50 more expensive for women (£474 a month) than men (£428 a month).

Earnings also varied across the country, with Londoners bringing home the most money, and those in Wales earning the least. However, that’s reversed for housing costs.

We’ve compiled some of the main stats into the charticle below. How do you compare?

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