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Student Connection: Where Does the Money Go?

April 24, 2014

The Department of Labor’s most recent survey reveals how the average U.S. consumer unit spends their paycheck annually. Most of the time, we don’t realize how much we’re actually spending. Eating out, going to the movies, and other small miscellaneous purchases may not seem like a lot at the time, but these small purchases add up. Almost $3,000 is spent annually on both entertainment and food that’s purchased away from home. Check out this infographic to see how the average American spends their money.

 

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If the average consumer unit could cut unnecessary purchases – like entertainment and eating out – in half, they could save thousands of dollars each year. I sometimes find myself asking, “Where did my paycheck go?” It may be difficult to identify where your unnecessary spending takes place, but with the use of budget strategies and worksheets, cutting down on annual spending can be manageable. Nelnet provides numerous resources in our library to help with financial wellness. Borrowers can utilize our free resources to identify where their avoidable spending takes place, implement budget strategies, and ultimately speed up their process to becoming debt-free.

Find this infographic here: http://visual.ly/us-consumer-unit-expenditures-where-does-money-go.

 

Megan Freese, Communications Intern

Megan Freese, Communications Intern

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