Average monthly spend in the East Midlands revealed

The research for the East Midlands has revealed that mortgage and rent payments total £617.82 a money, and debt repayments account for £579.76 of monthly outgoings.

It also showed that East Midlands residents spend £534.31 a month having fun, and £100.79 on their appearance.

Money Dashboard analysed more than 3,000,000 transactions across the UK - looking at appearance, enjoyment, bills, family, mortgage or rent, home and transport.

Below are the full list of figures for the East Midlands:

• Appearance - £100.79

• Bills - £220.58

• Enjoyment - £534.31

• Family - £42.35

• Home - £317.10

• Insurance - £83.35

• Mortgage or Rent - £617.82

• One-off or Other - £44.52

• Repayments - £579.76

• Transport £127.49

Maria Anaplioti, insights analyst at Money Dashboard, said: “It’s perhaps unsurprising that accommodation costs account for the largest proportion of our monthly spend, but the amount of money being spent on loan or credit repayments must be a concern, representing a fifth of our outgoings.

“Getting control of our finances means we have more money to spend on the good things in life – such as holidays, cinema trips or improving our homes.

“Setting a monthly budget with a savings target is a great way to stem the debt flow and ensure you aren’t caught in the endless cycle of paying off interest while the amount owed accumulates.”

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