- While your spending is tailored to your individual earnings and priorities, it doesn’t hurt to use the average American as a financial gauge.
You might be proud of your uncanny ability to find hidden gems at thrift shops or take advantage of the steepest retail discounts, saving heaps of money on clothing in the process.
However, if you’re also spending significantly more than the rest of America on things like education, child care or car insurance, you could be falling behind in terms of reaching your financial goals.
GOBankingRates rounded up 25 common expenses and used data from the U.S. Census Bureau, the National Retail Federation and more to find out how much consumers typically spend on everyday items.
The different expenses ranged from holiday gifts and subscription services to charitable donations and mortgage payments. In some cases, the figures were shocking. For example, Americans spend more on coffee than they do on their auto insurance — in fact, caffeine consumption accounts for over $1,000 in the average consumer’s expenditures.
The final coffee bill is startlingly close to how much people spend on their cellphone services in a given year.
If you think that dropping $1,100 on coffee every year is perfectly acceptable, you should consider cutting back in other areas to fuel your caffeine habit without hurting the rest of your budget. While it’s difficult to bring down your rent or mortgage payments on your own, you might find that tackling controllable expenses — like dining out and entertainment — can help you save hundreds, if not thousands, of dollars annually.
Holiday Food and Decorations
What the average American spends annually: $231Subscription Services
What the average American spends annually: $3,279Alcohol
What the average American spends annually: $478Holiday Gifts
What the average American spends annually: $648Pets
What the average American spends annually: $690Entertainment Fees and Admission
What the average American spends annually: $425Public Transportation
What the average American spends annually: $263Vehicle Maintenance and Repairs
What the average American spends annually: $879Vehicle Insurance
What the average American spends annually: $1,575Miscellaneous
What the average American spends annually: $907Coffee
What the average American spends annually: $2,130Cellphone Services
What the average American spends annually: $1,253Education
What the average American spends annually: $1,271Health and Fitness (Including Gym Memberships)
What the average American spends annually: $1,860Clothing and Apparel
What the average American spends annually: $1,434Charitable Donations
What the average American spends annually: $2,283Gasoline
What the average American spends annually: $1,568Health Insurance
What the average American spends annually: $3,667Dining Out
What the average American spends annually: $2,375Utilities
What the average American spends annually: $4,158Groceries
What the average American spends annually: $4,942Retirement Account Contributions
What the average American spends annually: $6,760Child Care (Infant)
What the average American spends annually: $10,368Rent
What the average American spends monthly: $1,789Mortgage Payments
What the average American spends annually: $17,844
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