The FinTech company, Personal Capital,” released it’s inaugural “State of Spending” report in which they share the average cost people spend on different products at different stores. Personal Capital helps people manage their finances and in their report, they analyzed 148,225,107+ transactions in 2015 in order to analyze how people spend their money. The blog site, “Budgets are Sexy,” highlights some interesting findings in this study.
Each month, the average person pays $725 to own a car (this covers payments, maintenance, insurance and gas). One good way to reduce this amount is by driving an older car. You avoid worrying about sky-high car payments, dents, scratches and usually have lower insurance rates. Over time, it may be costly to maintain the car and pay for repairs; however, it would still cost you less money during the overall life of the car.
For those who need their caffeine fix in the morning, the average amount of money that people spend each month at Starbucks is $17.73 and $6.20 at Dunkin’ Donuts. Not only are you spending money on coffee and breakfast, you are also spending your time going to the store and energy waking up early to get there. It may be beneficial to make your coffee at home to save time and money.
Dining and Shopping
The age group that spends more of their budget on restaurants than any other age group is 20-30 year olds. This isn’t surprising, but it’s also the age group that could benefit most from staying in. Many you adults go out as a way to socialize, or out of not wanting to cook for themselves.
As far as shopping goes, an average of $83 every month is spent on clothes at Nordstrom, $77 at Bloomingdale’s and $42 at Macy’s. While most people probably don’t shop at these stores frequently, it is easy to see the trend in relation to the stores you do shop at.
Being conscious of where your money goes and when it goes there can help you keep better track of your finances and save you money. Make yourself a budget and see where your money goes.