Saturday, February 26, 2011

Ten Things Americans Waste the Most Money On

24/7 Wall Street put together a list of the most wasteful expenses that Americans spend their money on. Topping the list: meals out. I've included a section from their article below, but you can find the full text here. How does your budget compare?

From 24/7 Wall Street:

    10. Apparel Products and Services

    > Annual Amount Spent Per Household: $249

    > % of Total Annual Expenses: 0.5%

    This category includes unnecessary purchases such as clothing rentals and storage, dry cleaning, jewelry, and watch repair. Clothing and shoe repairs, which are also included, are rarely considered a waste, but they account for a relatively modest portion of this category. The average amount spent per household is $249. This is slightly down from the 1989 amount, which was $266.

    9. Tobacco

    > Annual Amount Spent Per Household: $380

    > % of Total Annual Expenses: 0.8%

    The average household spends more than $380 each year on tobacco products and smoking supplies, which includes cigarettes, cigars, pipes, and chewing tobacco. It is worth remembering that this average includes households where no one pays for tobacco products. Despite this fact, tobacco’s portion of the average household’s budget, 0.8%, is larger than what Americans spend on fresh fruit and milk combined. A person who smokes a pack of cigarettes a day in New York state will spend more than $4,000 a year, which is roughly 10% of the average American income before taxes.

    8. Entertainment Equipment and Services, Nonessential

    > Annual Amount Spent Per Household: $400

    > % of Total Annual Expenses: 0.8%

    Products in this category include bicycles, trailers, camping equipment, hunting and fishing equipment, sports equipment, boats, photographic equipment and supplies. The average expenditures dedicated to items in this category among all households is $400. The greatest average amount, $870, occurs among households with a husband, wife, and an eldest child age 6 to 17 years. In households with only one parent and at least one child under 18, the amount drops to $188. In 1989, the average amount for all households was slightly less, at $369.

Continue reading here

Blog Archive