- A new study finds that the average American adult spends $1,497 per month--or about $18,000 a year--on "nonessentials."
- The findings come as other studies show that 38 percent of Americans can't afford retirement, 28 percent can't pay off credit card debt and 26 percent can't afford car repairs.
- Americans' biggest nonessential splurges come from restaurant meals, drinks and takeout.
Put down that cappuccino! A new study finds that the average American adult spends $1,497 per month--or about $18,000 a year--on "nonessentials."USATodaynotes that the findings are especially troubling, considering that "38 percent of Americans claim they can't afford to fund a retirement plan because they don't have enough money...35 percent say they can't afford a life insurance policy, 28 percent can't afford to pay off credit card debt, and 26 percent can't afford car repairs."
Here's how that $1,497 per month breaks down:
- Restaurant Meals: $209.38
- Drinks: $188.68
- Takeout or delivery: $177.88
- Buying lunch: $173.62
- Impulse purchases: $108.97
- Rideshares: $96.11
- Personal grooming: $94.25
- Subscription boxes: $93.96
- Cable: $90.57
- Online shopping: $84.11
- Gym classes or memberships: $72.53
- Paid apps: $23.24
- TV or movie streaming services: $23.09
- Music streaming services: $22.41
- Coffee: $20.25
- Bottled water: $17.47