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09.13.2010 / What do you spend your money on?

Recently, Visual Economics shared a chart showing how the average US consumer spends their paycheck on an annual basis. The chart was based on a study by the Consumer Expenditure Survey by the US Department of Labor. The results are interesting, American consumers spend the most on...

"The mere act of tracking your expenses for a month makes you more aware of what you spend and can help you decide what, if anything, you might be spending too much money on."
  1. Housing (34.1%)
  2. Transportation (17.6%)
  3. Food (12.4%)
  4. Insurances & Pensions (10.8%)
  5. Healthcare (5.7%)
  6. Entertainment (5.4%)

Where do you stack up? If you don’t already track your expenses, now is the time to start. Tracking your expenses is the first step in setting a budget. The mere act of tracking your expenses for a month makes you more aware of what you spend and can help you decide what, if anything, you might be spending too much money on. While budgets can be a highly personal matter, using information found in the survey above can help you identify where you may be living above your means.

See the reports here:
Visual Economics: http://www.visualeconomics.com/how-the-average-us-consumer-spends-their-paycheck/
Bureau of Labor Statistics: http://www.bls.gov/cex/

What do you spend your money on? Is there an expense where you excel at saving or one you wish you could spend less on? Let us know!

Posted at 05:01 PM | Permalink
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