What Do Americans Spend Their Money On?

We bet there are a lot of people who look at their bank account each week and ask themselves “where did all the money go?” For a lot of us our money seems to slip away super fast without any of us realizing where we are spending our hard earned dollars.

Well, the latest Consumer Expenditure Survey has determined where exactly most people are spending their money, and it shouldn’t be all that surprising. The report looked at the spending habits of over 12,000 people breaking down expenditures into 12 different categories.

As you’d imagine, housing takes up the biggest chunk of people’s budgets, about 41%. This number includes not only folks’ rent or mortgage but also things like furnishings and supplies. 

As for the rest of the budget:

  • 16% goes for transportation
  • 14% goes for food
  • 8% goes for healthcare
  • 7% goes for utilities
  • 5% goes for entertainment
  • 4% goes for miscellaneous
  • 3% goes for clothing
  • 2% goes for education

Source: USA Today

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