Revealed: The bad spending habits leaving Scots skint

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With another expensive Christmas period behind us, a new survey reveals the bad spending habits leaving Scots struggling to survive in the first month of the new year.

500 people in Scotland were asked by finance specialist Solution Loans which reckless spending behaviour they were guilty of – and between spontaneous shopping sprees, mounting monthly bills and living beyond their limits, it’s no surprise many Scots are finding it hard to make their wages stretch until the end of January.

Last month, the Glasgow Evening Times reported that Scots were predicted to spend an average of £534 each at Christmas – and the results of this survey have revealed the bad spending habits adding to Scotland’s post-Christmas poverty.

39% of all Scots surveyed revealed they can’t help making unnecessary impulse purchases, making this the country’s ultimate bad spending habit.

Bills, bills, bills

When it comes to TV, phone and internet bills, it looks like some Scots are paying over the odds – with 37% of participants revealing they’ve failed to negotiate a better deal on their monthly payments.

Monthly subscriptions like Netflix, Spotify and Amazon Prime are also leaving Scots strapped for cash – as 14% of respondents confessed that they’re wasting money on subscriptions they don’t actually use.

Living beyond limits

The results of the survey also show many Scots are breaking the bank when their basic income just won’t stretch far enough – and in January, this problem reaches its pinnacle.

16% of those surveyed revealed they depend on their overdraft every month – with many people in Scotland going beyond their means to keep up with monthly expenses.

It looks like younger Scots have the most to learn about money management – with a third of 18-24 year olds admitting to being constantly overdrawn, compared to just 8% of 25-34 year olds.

10% of respondents said they rely on using credit cards to cover everyday purchases, with Scotland’s female population being particularly dependent on plastic.

With a fifth of 35-44 year olds saying they regularly exceed the limits of their contract, phone bills are costing Scotland a bundle.

Some Scots will need to break the habit of a lifetime to avoid a cash-strapped 2017 – but by putting their spending under the microscope, skint people across Scotland can turn unnecessary expenses into exciting savings.

Topline results: Respondents were able to select multiple answers to the following question:

Which of these bad spending habits do you have?

Making unnecessary impulse purchases: 39.2%

Failing to negotiate better deals on monthly bills: 37.3%

Living in your overdraft: 15.6%

Paying for subscriptions you don’t use: 13.7%

Using credit cards for everyday essentials: 9.8%

Exceeding your phone contract limits: 8.8%