As well as being the day of the week which many people look forward to the most, a recent study has revealed that Saturday is also the time where consumers are most likely to splash the cash.
In research carried out by the Co-operative Bank Credit Cards, it was revealed the typical Briton will spend just under 175 pounds on this day of the week. 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. Spread over a lifetime expenditure on this time on this day will come to more than 549,000 pounds.
And although significant numbers of people look forward to having a good time at the weekend, money management difficulties appear to be leaving many with a fiscal hangover as Monday arrives. Just under three-quarters (72 per cent) of those surveyed state that they spend more cash during Saturdays and Sundays than they had anticipated, with 36 per cent claiming to feel guilty about their expenditure at the start of a new week.
For those consumers who are looking for an effective way in which to supplement their spending, applying for a low-rate loan may be recommended.
Research from the financial services firm indicated that a significant 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 typical Saturday spending of more than 38 pounds. An average of 11 pounds and 83 pence goes towards electronic goods such as computers and DVDs, while contributions to travel expenses stands at over ten pounds. Hobbies and sporting accessories were each revealed to cost just under 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 people 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 plan ahead with their spending so it doesn't come as a surprise when their bills come through the door."
Those consumers looking to make a major purchase or want to supplement their finances, taking out a low-cost loan may be recommended. By doing so, 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. Selecting this kind of loan could be particularly recommended after a study carried out by IFA Promotion website Unbiased in April 2007 showed that many consumers 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 solely on desirability.
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