Knowing where and how much we’re spending is a crucial.

From the simplest transaction of a takeaway coffee, to the massive investment on a home improvement project, it’s essential we keep track of our spending habits.

The reason why is very simple – so we can save money.

But how much more should we be conscious of our spending, when the entire country is in a cost-of-living crisis?

As the UK descends into economic uncertainty, wages are stagnant and prices are increasing.

Therefore, we need to, more than ever, be focused on how to save money.

That being said, recent research by Online Betting Guide (OLBG) has revealed the truth as to whether this is what we’re doing.

The OLBG Discretionary Spend Index showed that despite the major crisis, the average Brit is spending over £13,000 a year on luxuries, which is an astronomical 62% increase from before the crisis in 2019/20.

OLBG researched 12 categories which take up the most of our spend, and established how much each luxury drains from our bank accounts each year.

You’d be surprised how much you’re spending daily on some of the most popular discretionary expenses!

Nevertheless, this massive figure need not scare you, since there are many different ways you can easily cut down these huge costs on your favourite luxuries.

Read on, to discover a few of the main activities where we’re spending our funds, and some great tips for saving money.

Eating out

A highly popular activity taking a large portion of our average discretionary spend each year, is eating out at restaurants.

We Brits love a good meal out at our favourite spot, whether it’s a mid-week meal or a tasty weekend treat.

However, OLBG revealed eating out accounts for almost £1,000 of our luxury spend every year.

So, what can we do to minimise this ginormous bite?

A great tip for saving money on eating out, is to take advantage of any deals and discounts available from your chosen spot.

Often, restaurants provide offers such as a free meal when you spend a certain amount, or a percentage off your meal on specified days of the week.

By taking advantage of these deals, you can have the tasty meal out you desire, without sacrificing a huge chunk of your finances at the same time.

Gambling

Another activity discovered by the Index to be part of your discretionary spend, is gambling and online betting.

OLBG found that on average, Brits spend over £250 each year on gambling.

Whilst this is on the lower end of the scale when it comes to all 12 categories of discretionary spend, it’s imperative to be safer and smarter when gambling.

One thing which can help you, is to follow a responsible gambling guide.

These are often put together by experienced professionals, who can offer valuable insight on how to have a safer gambling experience for any form of betting/gambling.

For example, you can find OLBG Responsible Gaming Guide here.

When you gamble safely, and follow a responsible guide, you can have more control over how much you’re spending.

Hairdressing

According to OLBG, going to the hairdressers costs the average Brit a total of around £150 each year.

There are, however, many different tips and tricks you can use to drastically reduce the overall chunk of cash you fork out on an annual basis on haircuts.

For example, you could try receiving a dry haircut instead of a wash and cut.

There’s usually an added cost to have your hair washed and dried pre-cutting, so try washing your hair yourself before your appointment, and only pay for a dry cut to help you save money.

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The cost-of-living crisis doesn’t appear to be going anywhere soon, but with these simple tips for saving money, you can still enjoy your favourite activities without breaking the bank.