Do I Spend Like the Average American?

Over the months we have provided a lot of information on how to save money. Well as I was reviewing my budget, I began to wonder how I measured up to the average American citizen when it comes to spending. With this curiosity just tempting me, I decided to search for data in this area and l found this article “The Top Ten Things Americans Waste the Most Money On”  to be insightful and wanted to share it with you with the hope that it would lead you to evaluate your personal household and maybe adjust or improve your spending habits.

I honestly found some of the data to be shocking! One of the most interesting points is “The “average” American household which has an income of $63,000 spends more than $8,000 on goods and services it does not actually need.”

While you are reading this material, I challenge you to determine if your spending in goods and services is excessive and more importantly what you can do to transfer your behavior to better money management practices. Below are the results ranking from the least expenditures to the greatest. Be careful to not be so concerned if your personal dollar amounts are similar (because the annual income or the size of the household may be different), however, pay attention to the percentages of each category.

1)      $249 or 0.5% of expenses spent on apparel products and services

2)      $380 or 0.8% of  expenses spent on tobacco

3)      $400 or 0.8% of expenses spent on entertainment, equipment and services

4)      $435 or 0.9% of expenses spent on alcohol

5)      $628 or 1.3% of expenses spent on fees and admissions

6)      $672 or 1.4% of expenses spent on lodging, vacation homes and hotels

7)      $690 or 1.4% of expenses spent on pets, toys, hobbies and playground equipment

8)      $975 or 2.0% of expenses spent on television, radio, and sound equipment

9)      $1,067 or 2.2% of expenses spent on gifts

10)   $2,619 or 5.3% of expenses spent on food away from home

What I have observed is that Americans spend or waste a lot of money on eating out. Is this necessary or just convenient? Is it wasteful? You will have to decide- but if you find it to be something that you can control better, then surely you can decrease your expenditures.

The other trend I see is that we are “givers” and love to be pampered and entertained! Is this true for you? Only you can determine that answer.

I certainly found places where I can save more and hopefully you can too!

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