A recent study carried out by the Co-operative Bank Credit Cards indicated the average Briton will spend just less than 175 pounds on this particular day. This spending - which ranges from areas such as clothes and food to parking and make-up - accounts for some 9,077 pounds over the course of a year. Consider this over a lifetime expenditure on this time on this day will total more than 549,000 pounds.
And although large numbers of people look forward to having a good time at the weekend, problems with money management appear to be leaving a large number of with a fiscal hangover as Monday arrives. Just less than three-quarters (72 per cent) questioned indicated that they spend more cash during The weekend than they had anticipated, with 36 per cent claiming to feel guilty about their expenditure at the start of a new week.
For those customers who are looking for an practical way in which to supplement their spending, applying for a cheap loan is a recommended solution.
The study from the financial services firm showed that a large proportion of money goes toward shopping sprees. Just over 21 pounds goes toward clothes, with 25 pounds and 44 pence splashed out on shoes. Overall, spending on these areas come to 47 pounds.
Furthermore, eating and drinking out results in a further Saturday spend of more than 38 pounds. An average of 11 pounds and 83 pence goes towards electronic goods such as computers and DVD's, while contributions to travel expenses stands at over ten pounds. Sports goods and hobbies accounted for slightly less than nine pounds.
Commenting on the figures, Maxine Xodo, product manager at the credit cards division of the Co-operative Bank, said: 'It's incredible to think that Saturday spending could add up to so much. But as a nation we work some of the longest hours in Europe and many of us live for the weekend, with Saturday being the one day where people feel they can let their hair down and enjoy themselves. However it is important for people to manage their spending so it doesn't come as a surprise when their bills come through the door.'
Those buyers looking to make a significant acquisition or want to supplement their finances, taking out a cheap loan might be a good course of action. By doing this, borrowers may find that they are able to effectively buy an item - whether it is designer brand clothes, a new car or sporting equipment - effectively and are left with an affordable rate of repayments to make each month. Going for these kind of loans could be a good recommendation after a study carried out by IFA Promotion website Unbiased in April 2007 showed that a lot of customers have a "buy now, think later" attitude towards shopping. An estimated 7.5 million people were shown to make short term financial decisions, with three million buying items purely on desirability.
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