Revealed: The 20 things you’re wasting your money on

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As a Nation, we’re wasting £30.5bn* a year on stuff we don’t need, don’t use or are too busy to sort out, according to new research** commissioned by GoCompare Money.

Almost three quarters (73 per cent) of us admit to wasting money, with unworn clothes, getting stung by avoidable fees and paying over the odds for services and insurance among the everyday things people say they waste their hard-earned cash on. 

On average, UK adults estimate that £49.20 of their monthly spending is wasted - £590.40 a year.

The research highlighted that much of the money people fritter away goes on food and beverages - buying more expensive but convenient, ready-prepared or takeout meals and drinks, or simply overbuying groceries which they end up ditching.

Rank20 common money wasters%
1Overbuying food that doesn’t get used/throwing away left-overs23
2Buying clothes which are never worn20
3Overpaying for bundled TV/phone/cable services19
4Buying too many takeaway meals16
5Paying for lunch and snacks at work15
6Drinking bottled water instead of tap water15
7Buying brand named items rather than generic goods14
8Drinking takeaway coffee13
9Not shopping around for the cheapest gas and electricity tariff13
10Buying cigarettes and tobacco13
11Spending too much down the pub/in clubs12
12Eating too many ready meals12
13Shopping in expensive supermarkets and convenience stores11
14Buying pre-sliced/grated food11
15Paying avoidable credit card interest11
16Paying avoidable bank charges or overdraft fees10
17Paying avoidable annual credit card fees 6
18Exceeding limits for mobile phone calls and/or data usage6
19Buying vitamins and other supplements 6
20Not looking for a good deal on home insurance5

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