The cost of running a home is now over £10,000 a year, potentially making it even harder for consumers to save money in a savings account.
According to research by Sainsbury's bank, household running costs have hit the £10,048 mark, which is approximately £1,389 more that the equivalent costs recorded in 2003/2004.
The biggest outgoing for consumers are mortgage repayments, which eat up almost 60 per cent of the annual running costs.
Utility bills are also set to increase by £275 compared to January 2004 and household improvements also represent 13 per cent of annual budgets.
Sainsbury's bank recommends that consumers should attempt to cut yearly costs by shopping around for financial products such as mortgages, credit cards and personal loans .
By ensuring they get the best value financial products, consumers could be in a better position to put some of their salary into a savings account, or at least avoid dipping into their savings account when expensive bills come through the letterbox.
Household bills putting strain on savings accounts
Household bills putting strain on savings accounts
Wed, 05 Apr 2006
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