Rash spending – 30 May 2006
Prime Minister Harold Macmillan famously said in 1957 that “most of our people have never had it so good”. Looking at life in the late 1950’s from the early 21st century it would be easy to argue that people in the UK today have a far better standard of living. But are we wealthy or not?
Here are some interesting UK facts I discovered recently:
- The average UK household has debts of almost £ 48,000 including mortgages
- 75% of credit cards are not paid off in full every month (earning interest)
- 14 million people are relying on overdrafts to get by each month (3.5 million are permanently overdrawn)
- 74% of couples find money is the hardest subject to discuss
- 35% of couples are kept awake at night worrying about finances
- The cost of raising a child from birth to age 21 is over £165,000
- The average wedding costs almost £ 20,000
- The average house price for first time buyers is £141,000
[Source: www.creditaction.org.uk/debtstats.htm]
Much of the money being spent in 2006 is actually not being earned by those spending it. For many each year the bubble bursts and many are close to breaking point financially and could not cope with an unexpected additional demand on their finances. Spending money on plastic makes the transaction far more virtual and people are much more likely to overspend.
What causes fights and quarrels among you? Don't they come from your desires that battle within you? You want something but don't get it. You kill and covet, but you cannot have what you want. You quarrel and fight. You do not have, because you do not ask God. When you ask, you do not receive, because you ask with wrong motives, that you may spend what you get on your pleasures. James 4:1-3 [NIV]
How we spend our money says a lot about who we are deep down inside. Does your credit card statement give any clues about your priorities in life? What can we do to spend less and give more?
Lord, help us to be good stewards of all that you have given us. Teach us to spend what we have wisely and to be generous in giving and thoughtful of others. In Jesus name, Amen. | 