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How The Average American Spends Their Money

The consensus is in. Americans love to spend money. The average American purchased nearly $2,600 worth of goods and services every month, while the average debt per a consumer is over $8,000.

We owe a lot

Food And Personal Care Expenses

Groceries are one of the highest expenses, as are pharmaceutical products and clothing. This only makes sense. Everyone has to eat, everyone gets sick sometimes, and everyone wears clothing. Oddly enough though, the average American spends only $1.53 on musical instruments, even though most people like some sort of music.

cars-computers-pets-still-low

Cars And Computers Up While Pet Products Still Low

Average people everywhere spend almost as much on computers, related items and software as they do on new cars and trucks. And as much as people love their pets, Rover and Scratchy only receive $9.07 a month in food and related products.

Homes cost a lot of money

The Ultimate Money Pit – Your Home

Housing and related expenses, including utilities, top off at an average of $450.16 per month, just beating out health care expenses by $40 or so. Personal care services, such as home health care, is a meager $22.44, while even fewer people are paying for domestic services, such as maid services, carpet cleaners, and the like.

Low-interest-high-mortgage

Low Interest Rates Mean Higher Mortgage Amounts

The average mortgage for a new home is now $235,000, partially thanks to mortgage interest rates being at historically low levels. Even with an upward trend, these rates encourage people to buy homes or refinance.

Consumer-debt-lets-go

Consumer Debt – A Trend The Continues

Unfortunately, consumer debt continues to be high. People continue to make new purchases, even if they have to use credit cards to do so. Only a change in spending habits can reduce this number.

Hooray for student debt