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Leap year 2020
Brits on a full-time salary are losing out on £151 due to the extra leap year day on 29 February.
29 February (2020’s leap year day) may fly under the radar for a lot of people, but research from Finder has found that Brits on a full-time salary are losing an average of £151.40 because of it.
With salaries being paid on a monthly basis, an extra day in the month means full-time employees in Britain are working for one more day than usual, but without getting paid anything for it. The average Brit earns £129.20 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 in 2020 will impact our bank balances, as it won’t be matched by any additional income.
What could you spend this money on instead?
To put this in perspective, things that could be purchased with this “lost money” include:
- One month’s utility bill
- A luxury spa day for two
- Five months of broadband
- A weekend city break in Krakow for two (including flights and hotel)
- One used PlayStation 4
Unfortunately, there isn’t much that full-time employees can do about the upcoming leap year day, but here are my 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. Money held in them is kept away from your overall balance so it’s not accidentally spent.
Quirky leap year traditions from around the world
- On average Brits work 227.5 days per year and the average salary for a full-time employee in the UK is £30,420 (ONS). This means workers are paid an average of £129.20 per working day. The average cost of living per month is £676 for utilities, food and bills (TransferWise), which is equivalent to £22.20 per day.
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