The 29th of February (2020’s leap year day) may fly under the radar for a lot of people, but research from personal finance comparison site, finder.com, has found that that Brits on a full-time salary will lose an average of £151 because of it.
With salaries being paid on a monthly basis, an extra day in the month means full-time employees in Britain will work for one more day than usual, but without getting paid anything for it. The average Brit earns £129 for each working day in the year, so this is effectively what they will lose out on.
On top of this, the average Brit spends around £22 per day on living expenses. This extra day of spending will actually impact our bank balances, as it won’t be matched by any additional income coming in.
Things you could have bought with this ‘lost money’ include:
- 1 month’s utility bill
- A luxury spa day for two
- 5 months of broadband
- A weekend city break in Krakow for two (including flights and hotel)
- 1 used Playstation 4
Unfortunately there isn’t much that full-time employees can do about the upcoming leap year day, but Charlie Barton, Banking and Investments Specialist at finder.com, has tips for people looking to limit the financial hit that a day of extra living costs will bring:
Get to grips with your spending
Apps like Yolt and Emma let you manage multiple accounts at once and give real-time spending updates so you can keep on top of what you are spending.
Start micro-saving every day
Apps like Money Dashboard and Moneybox help you create realistic savings targets, invest spare change and help you avoid being overcharged on bills. The popular challenger bank Monzo also has a “pots” feature that lets you open several pots at once and money held in them is kept away from your overall balance so it’s not accidentally spent.
