How much are you paying in the 7 hidden taxes?

Everyone knows that having credit card debt can cost you a lot of money. But did you know that being single can too? Heck, just being an introvert can amount to an extra tax.

We surveyed 1,000 HyperJar customers, did a little research, and found that Britons routinely pay 7 ‘hidden taxes’ that can add up to a lot — but can also be avoided:

1. The Debt Tax

‍We pay an average of £1,055 in interest on credit card and loan debt.

2. The Introvert Tax

‍Ten percent of HyperJar customers say they don’t collect around £50 a month from family and friends, totalling £600 a year.  

3. The Impulse Tax

‍People in the UK are spending around £20 to £50 every month on impulse buys, amounting to up to £600 every year.

To avoid paying too much in impulse taxes, you can always create an Impulse or Cheat Jar, and top it up with the maximum amount you can afford to spend on unnecessary items. Then you can make impulse buys knowing you won’t go over budget.

4. The Analogue Tax

‍One in ten HyperJar customers said they save around £20 a month, or £240 a year, thanks to shopping around for deals on the internet. Which means others are losing up to £240 a year.  

5. The Travel Tax

‍The average British family pays £20 in foreign transaction fees when they’re on holiday abroad.

Getting a prepaid card that doesn’t carry overseas fees, like the HyperJar card, will help you avoid this — and spend the money you save on something fun instead.

6. The Loyalty Tax

‍We pay up to £300 extra year by sticking with outdated, overpriced subscriptions and contracts for services like mobile phones and household utilities.

7. The Singles Tax

‍According to Ocean Finance, in 2022 singles spent around £630.38 more a month on bills, socialising, and holidays than couples. That’s £7,565 extra a year!

Are you paying extra pounds to the Maleficent Seven? The good news is that now that they’re out in the open, you should be able to avoid most of them. A money management app that lets you easily visualise and track your spending will help.

Sure, we’re biased, but we recommend HyperJar! Among other benefits, Shared Jars take away the awkwardness of asking people to pay you back for shared expenses, and they’re great for pooling money with friends to take advantage of bulk buys.

To see can read a more in-depth look at the Maleficent Seven in the Daily Express.