Thanks to inflation, folks are spending a lot more money now on necessities. Because of the higher prices, some folks are being pickier about what they spend their money on, and a new report reveals where folks' money is going.
- 24/7 Wall Street has released a new report on what Americans are spending their money on.
- The results are based on Morning Consult’s U.S. Consumer Spending and Personal Finances Survey.
- The monthly survey asks consumers questions about household income, spending, savings, debt, and housing payments.
- Americans spent about $3,274 on household expenditures in February, up $141 from January.
- Housing costs were the overall largest expenditure, with the average person spending $1,151, or 33.38% off their total expenditures.
Top Things Americans Are Spending Money On
(click here for the complete list)
- Housing ($1,151 a month)
- Grocery ($446)
- Utilities ($210)
- Recreation & entertainment ($174)
- Auto leases & loans ($160)
- Health Insurance ($153)
- Telecom ($140)
- Gas ($137)
- Car Insurance ($120)
- Restaurants ($99)
Source: 24/7 Wall Street