Apparently we Brits have wasted £169 billion on stuff we don’t need and won’t ever use.

According to Abbey, that ranges from clothes and shoes that never emerge from the wardrobe to china and gadgets that spend their lives in the cupboard.

I’d like to add another category of useless purchase to that list: extended warranties on electrical goods.

We moved into a new house just over a year ago and it came complete with kitchen appliances.

The guarantees have now run out, prompting manufacturer Whirlpool to make the generous offer of another 12 months of cover for a total of just £245.

That’s one offer I think I can refuse, especially since consumer organisation Which? has found that most electrical goods that fail before the end of their expected life do so within the first few months.

If we all thought twice before splashing our cash on daft purchases – whether it’s ill-fitting stilettos or an extended warranty – just think of the all the money we’d save.

Money we could use to clear expensive debts, or that stashed in a tax-free mini cash Isa (individual savings account) could grow into a valuable nest egg.