All Articles Tagged "spending habits"
Ready, Set, Shop! With Consumer Spending Up, Data Shows Men Outspend Women On Average
Many household fights are over how much money the woman spends. But ladies, know you can go out and do a little more shopping. A new study reveals that men—yes, men—spend more than women on average.
According to the first-ever Intuit Consumer Spending Index, men spend $600 to $700 more each month than women. The study found that in the first quarter of 2013, men spent more on alcohol (37 percent), entertainment (27 percent), eating out (29 percent), gas (19 percent) and overall shopping (six percent). Women did spend 21 percent more on clothing and apparel.
Overall, the average American household is spending nine percent more now than they did at the beginning of 2009, according to the index, which is based on Mint.com data going back to 2009. And, for the first time, the spending data matches the US population on a number of measures of demographic and geographic data.
Certain states saw the biggest spending increases over the four-year time span. The most dramatic increases were in Arkansas and the District of Columbia up 34 and 30 percent, respectively. North and South Carolina, however, each saw spending decrease by three percent.
After a prolonged lull following the 2008 recession’s historic spending lows, consumers are now spending more. “The data we’ve examined here reflects a period when the country recovered from one of the most dramatic economic shifts in recent history showing how consumers tightened, and have since loosened spending,” said Scott R. Baker, Stanford University economist and the data scientist working with Intuit to develop the index.
Here’s a breakdown of what we’re spending more on:
- The average household spends more than twice as much on gas than they did four years ago;
- Grocery spending increased 17 percent, due in part to the popularity of premium grocery stores such Whole Foods (especially in California). Restaurant spending is also up;
- And in restaurants, people under the age of 36 spending 40 percent more on dining out in 2013 than in 2009:
- Health care spending has increased at one of the fastest rates since 2009: more than 30 percent. Although people ages 41 to 55 spent more than $300 each month, it was the younger generation that saw the most dramatic increase. Their spending increased by more than 40 percent since the first three months of 2009;
- Americans have become more charitable. “Though overall spending has increased nine percent, a disproportionate amount of that is in gift giving and charitable donations, where Americans have become 47 percent more generous since 2009,” says the report.
The study looked at all the various transactions made in more than 20 specific categories and analyzed spending patterns by age, state, income and gender.
Are You In Denial About Your Spending Habits?
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That conservative, well-planned savings plan you had may not be doing as good of a job as you think, and you don’t even know it. According to MSNBC, a new study observes that of 3,000 Americans, about half spend more than they earn at least a few months out of the year. But even though they acknowledged the spending, only one in 10 participants said that their lifestyle was more than they could afford. In addition, of the people who spend more than they earn part of the time, around 36 percent use their savings to meet their financial needs. Twenty-two percent use credit cards and 12 percent simply make late payments on their bills. It would appear Americans are spending and don’t even realize how much they are spending.
The Federal Reserve reported last week that Americans seem to be more ok with taking on debt; Americans have increased borrowing in recent months for cars, education and credit cards. Others may feel obligated to live beyond their means. The median household income has decreased by seven percent.
Among all the denial, at least the other half, rarely spend more than they earn in a month.
These Costly Necessities Are Worth The Splurge
business-businessnetworking.com
Although we can never advocate or stress enough the importance of saving, we do understand that occasionally the itch to spend money is unstoppable. And if you are to spend your hard earned money, make sure you’re spending it on things and experiences that matter. Savvy Sugar offers a list of the things that are worth spending the extra cash.
Our number one on the list is your well being. This doesn’t mean you should spend all of your money on expensive gym memberships, weight loss programs or healthy delicacies, but if you’re actually going to go to that weekly class at the gym, then take it. Instead of eating out all the time, spend your money on quality healthy groceries that will last longer and will do more for your body.
Go to the doctor! As the article points out, a co-pay is nothing compared to the high cost of a health calamity that could have been prevented. Using a Flexible Spending Account allows you to use pre-tax money to pay co-pays. Look into how you can use these FSA dollars before the end of the year.
As with taking care of your body, next you should take care of your home. We are not talking about that bathroom renovation you’ve always wanted that includes a Jacuzzi. If something in your house legitimately needs fixing then it’s important to take care of it as soon as possible. If you disregard the problem, most likely it will only get worse and cost you more later on in life.
If you’re going to splurge on clothes, make it count and get a well made interview outfit. The money you spend on an outfit is an investment if your confident look helps you win the job. Along with the power suit, you’re also allowed a pair (not a dozen!) of quality shoes. Good shoes will last for years, and if you get a pair that goes with everything, you’ll eliminate the need to replace them every season.
It’s important to keep the people you love close to you, even if you live far away. That’s why the list advocates spending money to visit family and friends. Keeping up these relationships is priceless.
Insurance is necessary. It protects you from any unexpected life circumstances. Health, car, homeowner insurance are non-negotiable. But depending on where you live, you may want to consider fire or earthquake insurances as well. Research various insurance policies to find out what will be best for you and your family.
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How Wallet Size Can Influence Your Bottom Line
(Smart Money) — At a time when people seem increasingly reliant on their smartphones for all manner of interactions with the world, that oldest of handheld devices — the wallet — has remained a surprisingly enduring accessory. Indeed, for some people, the wallet is not only not disappearing, it’s getting fatter — with many Americans now hauling around so much stuff in their pockets that their billfolds have become, in the apt phrasing of one longtime lugger, “roving file cabinets.” Even wallet makers, who have been pushing slimmer models for years, seem flummoxed by the trend: That plump bifold behemoth “is still our best seller,” says a spokesperson for Wilsons Leather, one of the nation’s oldest wallet specialists. It’s a tale that can be told in numbers. According to an analysis by Experian, the credit-rating agency, a remarkable 11 percent of Americans have eight or more credit cards. And even the average credit card holder has 3.5 cards, according to the Federal Reserve Bank of Boston. On top of the more traditional plastic has come an explosion in gift, prepaid, debit and customer loyalty cards from various merchants — categories that hardly existed a generation ago.
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Consumers Ditching Cards for Cash
(Favstocks) — Use of credit cards is beginning to trail off as more people start preferring to use cash. Fewer people are willing to go into debt and less willing to borrow money for purchases by using a credit card. Card use has been declining for some time, and higher interest rates and fees make credit cards less attractive to the cost conscious. Credit bureau TransUnion has noted a decline in the use of general purpose credit cards, according to Daily Finance. The credit rating bureau asserted in a recently released study that nearly 8 million people quit using a general purpose credit card, the kind normally issued by a bank.
Go Green and Save Money
(The Network Journal) — America’s economic ills have caused many citizens to tighten their belts and think about their spending habits. While cutting back is always a challenge, there are many simple lifestyle changes that everyone can make to save money. Luckily, many of these debt-reducing adjustments will not only improve the shape of your wallet but the environment as well.
One of the easiest ways you can cut spending and go green is by altering your food and beverage routine. Start first thing in the morning by foregoing the popular coffee shop and making your own brew at home.
NBA Player Eddy Curry Makes A Lot, But Spends Much More
(Yahoo.com) — Eddy Curry(notes) made a shade over $10 million this year as a member of the New York Knicks. Despite that enormous salary — and the fact that Curry has made more than $57 million in his nine-year career — the former No. 4 draft pick is seriously in debt. As the Associated Press reports, Curry defaulted on a $575,000 loan with an 85 percent interest rate, which can only happen in Nevada, and has been ordered to pay back $1.2 million to Allstar Capital Inc., the world’s most ironic loan service.
NBA Player Eddy Curry Makes A Lot, But Spends Much More
(Yahoo.com) — Eddy Curry(notes) made a shade over $10 million this year as a member of the New York Knicks. Despite that enormous salary — and the fact that Curry has made more than $57 million in his nine-year career — the former No. 4 draft pick is seriously in debt. As the Associated Press reports, Curry defaulted on a $575,000 loan with an 85 percent interest rate, which can only happen in Nevada, and has been ordered to pay back $1.2 million to Allstar Capital Inc., the world’s most ironic loan service.
