Where does your money go? An average American day

Where does your money go? An average American day

average americanDo you ever feel like you run out of money way too early before your next paycheck? You go out for lunch and dinner with friends a few times and then your money is all gone! Where did your money go? The accumulation of these small purchases can add up, and fast! Before you know it, the paycheck you received just last Friday is almost depleted.

Let’s outline the typical American day. How much does it align with yours?

AM

Coffee – $2.38

The average American pays $2.38 for a cup of coffee according to E-Importz.com. Fifty percent of the population drink some form of coffee. A coffee every morning adds up to nearly $600 per year.

Breakfast – $5.08

According to CBS, over 12.5 Billion breakfast meals were served in 2013. If you eat breakfast everyday for work, that’s spending over $1200 a year.

PM

Lunch – $10

Lunch is one of the most costly meals in the US. People choose to eat out during work and the average person goes out to lunch twice a week (Forbes). Spending $10 twice a week adds up to around half a grand the entire year!

Dinner – ???

Fortunately the majority of people eat dinner at home during the week. According to Gallup, about 77% stay in for dinner in contrast with the 10% who go out

How does this add up for the average american?

If we tabulate these costs, we can deduct that nearly $3000 of our paychecks go towards eating out every year. With the median wage in the US at $26,965, that’s over 10% of our earnings. Unfortunately we cannot just stop eating. Fortunately, we can always find means to reduce our costs.

Brewing your own coffee at home can save you nearly 90% in coffee costs. A quick 2-egg breakfast will cost you only 1/5 of the average breakfast cost (Cost of eggs).

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