The average household will pay almost £1 million on household essentials, such as bills, rent and insurance, in their lifetime.
According to Confused.com, we spend £18,114 annually on household bills which totals £941,956 for homeowners from the age of 18 to 70 years old. A proportion of the household bill spend is taken by loan and credit card debt repayments, as we spend £2,790 trying to become debt free, which is the equivalent of £145,111.20 over a lifetime.
Other yearly household bills include:
£6,182 for rent or mortgage payments
£1,476 for insurance
£1,167 goes on gas, electricity and water
Worryingly, 17% are ignoring their financial commitments in the hope that these household bills and costs would disappear. Over half (55%) of those polled said that they are struggling to make ends meet.
Confused.com spokesperson, Gareth Kloet, commented: “Bills are an unfortunate fact of life and very few of us really stop to think about how much we’re paying out each month.”
“When you see just how much it all adds up to, you can start to see how much you can save when you shop around to get the best deals.”