PREPAID CARDS
Compare Prepay Cards for Big Spends
Brits are planning on making big purchases before the VAT hike in January, new research shows, with an estimated £53 billion to be spent. Find out how to manage your spending with a prepay card.
One in four intends to splash a large amount of cash in the last three months of the year which could see them save £1.1 billion on VAT, Sainsbury’s Loans research revealed.
The average spend per person during this period is expected to reach £3,426 while eight percent intend to spend more on big ticket purchases, splashing out over £5,000 in total.
“Britain is a nation of savvy shoppers who want to ensure they get the best value for their hard earned cash,” said Steven Baillie, Sainsbury’s Finance head of loans.
Over 670,000 people also say they will spend over £10,000 before January 4th 2011.
Regionally, 37 percent of adults in the South East plan on making a big purchase compared to only 24 percent of those in the North East.
Clothing is the most popular item more people are buying before the VAT increase with eight percent of adults deliberately updating their wardrobe now to cut costs.
A further seven percent intend to book a holiday, the same plan on buying IT equipment, and seven percent will also purchase music, audiovisual or home entertainment equipment, while six percent intend on buying white goods.
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Although many consumers will be making savings on items they buy now it is important they do not spend more than they can afford and end up in debt just to take advantage of the lower VAT.
If you work out a budget for your end of year spend you can then load it onto a prepay card to use for each purchase, the card does not let you overspend so you cannot get into debt.
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