Households with disposable incomes less than £11,000 per year still spend about £2,800 annually on food and alcoholic drinks in total. To gauge a basic minimum for food costs, we can look at the budgets of our poorest households, who are presumably eating as cheaply as they can.
Or they could go out to a London hot spot and drop a hundred pounds or more on one dinner. After all, a family could dine on spaghetti with a touch of homemade bolognese, for a low cost meal. While food is, of course, a necessity for life, it’s often considered a fungible category in a household budget. All in, food and drink consume 19% of our total annual budgets, and food prices in the UK have been rising around +2% a year. Eating and drinking out consumes a further £2,132 from our household budgets.
Another £484 is spent on alcohol (mostly wine) for consumption at home. The average UK household spends £3,312 a year on groceries and non-alcoholic drinks at home. The third largest household budget category is food. Licences, fines and transfers (e.g., stamp duty, road tax)īreakdown of Average UK Transport Costs Average UK Food Costs Money transfers and credit (e.g., cash gifts) Personal (e.g., toiletries, jewellery, sunglasses, etc.) Household (e.g., furniture, linens, appliances, etc.) Recreation and culture (e.g., pets, gym fees, TV, etc.) Rent/mortgage & repairs (average overall) Housing (e.g., rent, mortgage interest payments, repairs, etc.) Here's how the average household budget breaks down by category, on a weekly, monthly and annual basis: In fact, 14% of our household budgets goes towards transportation, up to 30-35% towards rent or mortgage interest payments and 11% to feed ourselves. Where does the typical household budget go? Brits spend the most on transportation, housing and food. But your housing situation can mean you spend a lot more or less. Compared to 2019, expenditures on household bills increased just 0.4% in 2020. In 2020 the average UK household budget was £2,548 a month (£30,571 a year) based on an average of 2.4 people per household, according to the latest ONS Family Spending report. If any particular line items jump out at you in this regard, please kindly let us know in the comments and we will try to address the limitations of the ONS data with further explanation, analysis or colour. As a result, you may notice that some figures don't accurately reflect the true cost for a user. Note: The figures in this article come from the Office for National Statistics and reflect average spending across all households, combining households that do and do not spend on a given line item. If you're hoping to make your budget stretch further, read about 10 ways to reduce your monthly expenses. We've analyzed data from the latest 2019/20 Living Costs and Food Survey from the Office of National Statistics (ONS) in order to better understand average spending levels across these major categories, and more.ĭepending on where you live, your stage of life, and your financial circumstances, you may also be spending extra on childcare, college tuition or health care. On average, UK households spend £588 per week (£2,548 a month) to cover living expenses including a roof over our heads, food in our bellies, clothes on our backs, and transport to and from work or school-but costs are higher if you rent or have a mortgage.
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