Are you spending more on leisure-time activities?

30 April 2012 16:26:09

Transport and hobbies have soared in cost in recent years.

If you're running out of cash each month and wondering where all your money is going, it may be worth taking a look at the amount you spend during your spare time. Research from Halifax suggests that leisure-time activities have increased in cost over the past 10 years. It may well be that you've failed to spot these prices creeping up over time, but you could save a significant amount of money by changing your habits.

Leisure-time costs rise faster than inflation
Halifax's researchers looked at the cost of 11 popular leisure activities to see how they have changed over the past decade. They found that the cost of 10 out of the 11 activities has increased more rapidly than consumer price inflation during that time. In fact, just gardening - the cost of which has risen by 17% - has been beaten by inflation, which has increased by 29% over the past 10 years.

Popular hobbies 'now more expensive'
Martin Ellis, an economist at Halifax, confirmed there has been a "significant" rise in the cost of pursuing popular hobbies and days out. He claimed: "Rising transport costs have been a clear driver behind this, although all expenditure categories, apart from gardening, have seen a greater increase than that of inflation. Whilst the expected decline in inflation through much of 2012 will help to ease some of the current pressure on household finances, weak earnings growth is likely to constrain the amount families are able to spend in entertaining the family over the coming months."

Key areas for potential savings
You may be able to save money by cutting back on some of the activities looked at in the Halifax report. For instance, the cost of top-flight football tickets has increased by an average of 184% since 2002 and by 11% in the last 12 months alone. Going to just one less game each season will save you an average of £48.90 - enough to cover around half of a typical household's monthly energy bill.

Mr Ellis referred to transport costs and this is indeed one of the main areas where households have seen an increase. Car fuel has risen in cost by 89% since 2002, while train tickets have increased by 61%. It's therefore worth trying to limit journeys, share rides with other people or use an alternative method of transport, such as walking or cycling.

The cost of eating out has increased by 42% since 2002 and that of buying a takeaway by 36%. You can save a significant amount by choosing to stay in and cook, especially if you have children. And you should think of ways to keep the kids entertained without having to dig out your wallet, as popular pastimes such as going to the cinema or visiting a theme park have also soared in price.

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