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Do You Have a Budget? Are You Sticking to it?

About 74% of consumers say they have a budget but 79% of them fail to follow to it, according to research from crowdsourced shopping platform

On average, the weekly amount that people spend (not including bills like mortgage or rent, utilities, etc) is $340, or $143 more than the average $197 budgeted. That can add up over the course of a year. .....about $7,400!

The survey asked 2,000 adults about their budgeting habits and weekly spending. Here are the top 10 overspending categories:

  • Online shopping: 40%

  • Grocery shopping: 39%

  • Subscription services: 37%

  • Technology products: 36%

  • Buying lunch everyday: 35%

  • Household essentials: 32%

  • Coffee: 32%

  • Food delivery: 32%

  • Gym memberships: 30%

  • Entertainment (movies, concerts, etc.): 29%I

If money is short, the first thing we do is reach for our credit card. According to the Federal Reserve, consumers carry nearly $1.1 trillion in credit card debt, up from $888 billion five years ago and only about 33% of consumers say that they can pay their monthly credit card debt in full.

Source: CNBC, December 26, 2019

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