Yahoo Finance Are You Spending More Than the Average American on 25 Everyday Items?
The U.S. consumer price index, a key indicator of inflation, increased by 3.3% over the past 12 months as American budgets continued to feel the pinch. Some CPI categories have experienced only a slight annual increase, such as at-home food and clothing, but others, like shelter and electricity, have jumped more significantly.
GOBankingRates conducted a study of the average annual spending on 25 everyday items to learn more about the continued impact inflation is having on the typical American budget. GOBankingRates used data from the U.S. Census Bureau, the Bureau of Labor Statistics, the National Retail Federation and other reputable sources, which included essential and discretionary expenses ranging from rent and utility payments to entertainment and subscription services.
Surprisingly, the study revealed that Americans are spending more on coffee than auto insurance, despite an average 26% increase in full-coverage premiums this year. However, people are spending less on dining out than on groceries.
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If your budget indicates that you’re outspending most Americans in restaurants and coffee shops, cutting back in these areas can help offset your higher rent or utility payments or allow you to put more into your savings. Conversely, trimming above-average unavoidable expenses may allow you to add more fun to your budget.
The study included retirement account contributions, as well, so see if you’re falling behind or outpacing the average American in retirement savings.
Whether you’re managing a tight budget or simply curious about the impact of your cost-cutting efforts, comparing your spending to that of others can be a powerful tool. It can help you identify areas where you could potentially save or confirm that your good spending habits are paying off.
Remember, being below average is a good thing when it comes to spending. So see how your spending compares to the American average in the following 25 categories.
Holiday Food and Decorations
What the average American spends annually: $255
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Subscription Services
What the average American spends annually: $924
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Alcohol
What the average American spends annually: $583
Holiday Gifts
What the average American spends annually: $620
Pets
What the average American spends annually: $741
Entertainment Fees and Admission
What the average American spends annually: $833
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Public Transportation
What the average American spends annually: $845
Vehicle Maintenance and Repairs
What the average American spends annually: $1,160
Vehicle Insurance
What the average American spends annually: $1,592
Miscellaneous
What the average American spends annually: $1,009
Coffee
What the average American spends annually: $2,106
Cellphone Services
What the average American spends annually: $1,284
Education
What the average American spends annually: $1,335
Health and Fitness (Including Gym Memberships)
What the average American spends annually: $1,859
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Clothing and Apparel
What the average American spends annually: $1,945
Charitable Donations
What the average American spends annually: $2,755
Gasoline
What the average American spends annually: $3,120
Health Insurance
What the average American spends annually: $3,843
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Dining Out
What the average American spends annually: $3,639
Utilities
What the average American spends annually: $4,549
Groceries
What the average American spends annually: $5,703
Retirement Account Contributions
What the average American spends annually: $8,223
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Infant Daycare
What the average American spends annually: $16,692
Rent
What the average American spends annually: $25,285
Mortgage Payments
What the average American spends annually: $21,300
For this study, GOBankingRates found the amount the average American spent on 25 everyday items. GOBankingRates used numerous sources, including: the National Retail Federation for holiday food/decorations and holiday gifts, Barbend.com for personal training/meal plan/gym clothes/gym membership/supplements, Care.com for infant daycare costs, Go.Bango.com for subscription services, DriveResearch for coffee cost, Zillow Observed Rental Index for rental cost, Bureau of Labor Statistics Consumer Expenditure Survey for all residents for alcohol/cellphone services/charitable donations/clothing/dining out/entertainment fees/gasoline/groceries/health insurance/miscellaneous/pets/public transportation/retirement across contributions/utilities/vehicle insurance/vehicle maintenance, and the U.S. Census American Community Survey for mortgage. All data was collected on and is up to date as of June 11, 2024.
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This article originally appeared on GOBankingRates.com: Are You Spending More Than the Average American on 25 Everyday Items?
