Did you know Australians spend more money each year on confectionary, cakes and biscuits than on vices like beer, cigarettes and coffee?
The average Australian household spends $1,032.20 each year or ($19.85 a week) on sweet indulgences like chocolate, lollies, cakes and biscuits. This is almost twice as much as we spend on fresh fruit (just $9.60) or vegetables ($10.79) each week. And it’s also a lot more than we spend on sporting and gym fees ($9.55) each week.
That’s a whopping $8.83 billion a year that could be put towards bulging up our bank accounts instead of our waistlines.
We’ve calculated that by giving up a few sweet indulgences, the average household could save an average $1700 in a year – that’s a new flat screen TV or family holiday to the Gold Coast.
But keep this habit going for a decade, and put the money into a high interest savings account, you could potentially have a nest egg of $23,000 –enough for a car or a house deposit. And now is a great time to get into this much healthier savings habit. Mozo’s latest data shows that banks are actively competing for deposits with higher savings rates on offer.
Top 5 savings rates include:
Source: ABS household expenditure survey 09-10