If someone were to ask you how much a pint of milk or a loaf of bread is, would you know? We’ve been putting this to the test across the country and found some interesting results.
The average Brit could only roughly price three out of 10 everyday items1, from a list that included a dozen eggs, bread and a tin of beans. And, it seems those of you in Bristol and Manchester are the most clued up and those in London are the most in the dark when it comes to the cost of everyday groceries.
Interestingly, it also seems we’re more in the know about how much little treats and on-the-go items – like a pint of lager and a takeaway burger – cost, as more people could correctly guess the price of these things.
Think you know your costs? Put yourself to the test below:
What can you do to be more spend savvy?
Pay in cash
Even though paying for things using a credit or debit card is quick, it can make it hard to keep a track of spending. A good way to get more control is working out what you have to spend for the week and withdrawing it in cash. By leaving the card at home, you’ll know exactly what you’ve spent.
Small changes make big savings
By being organised and thinking ahead, you could be saving more cash than you think. Why not try making lunch at home or cut down on takeaway coffees for a month and see what difference it makes. If you’re spending £5 a day, this adds up to about £1000 a year.
Have a think about a budget that covers your essential spends (rent, mortgage etc) and your non essentials (meals out, cinema trips etc) and then try to stick to it. There’s a lot of budgeting tools out there if you need a hand, like the free app from Money Dashboard. You can also find out more about getting started with budgeting here.
Want to know more about what your financial personality says about you and effective ways to manage your money? Click here.
Credit check up
Keeping an eye on your credit report can help you keep track of your finances. On the report you’ll be able to see any outstanding credit, such as your mobile phone, credit cards, mortgage and any loans you have. You can see how much you owe and keep a track of things through this, making sure all the details are up to date.
1Noddle commissioned Opinium Research to interview 2,002 GB adults online between 9-12 January 2018. Results are weighted to be representative of the UK population.
Those surveyed were asked about the average price of 10 everyday items in the area where they live.
The items were a white sliced loaf, a tin of tuna, a dozen eggs (medium), a pack of chocolate biscuits, a tin of baked beans, a takeaway burger, 2 pints of semi-skimmed milk, a takeaway latte, a pint of premium lager, a pack of 80 tea bags.
Correct prices of the 10 items were taken from the ONS consumer price inflation item price quotes, correct as of December 2017. This data was broken down nationally and regionally, with answers from respondents being compared against the average price in their region.
Respondents who guessed within 10% of the ONS regional average price for the region where they were based were judged to have guessed accurately.