Where is it all going?

This post was written in partnership with MYJAR
Do you ever find that nearing the end of the month you discover that you have next to nothing left in your bank account?  It may seem as if someone had waved a wand and made it all magically disappear.

MYJAR, the responsible short term loan company, have created an infographic detailing exactly where and how we here in the UK are spending our hard earned cash.  Sadly some of us may not have a budget in place, which is why many of us end up spending an average of £100 per month on fast food, with the 25-34 age bracket spending double on extravagant takeaway treats than the over 45 year old age demographic.

The infographic is also packed with other interesting regional facts like what parts of the UK are most likely to be out on the town on a Saturday night (no surprise here that London came out on top) as well as the fact that northerners spend more on holidays than southerners.With so much going out on holidays and preparations for holidays (i.e. gym memberships, toiletries etc) many of us need a little extra to help deal with unexpected expenses such as a car breakdown or boiler on the brink. That’s where it may be wise to turn to responsible lenders like MyJar.

Terms and conditions

The key thing to look out for when taking out a short-term loan is avoiding what is known as ‘rollovers.’ This means that a company can renegotiate the terms of the loan if it reaches its payback date and has not been repaid in full. This can see your initial small short-term loan spiral and escalate in cost very quickly.

Choosing a responsible lender like MYJAR will protect you from growing costs over the life of the loan. Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.