![]() ![]() As you walk down the aisles, you make educated guesses on what’s missing because your memory is still sharp, right? You happen to be walking past your local grocery store and suddenly remember that your food supplies are running low. Those $20-$40 meals add up really quickly, don’t they? On average, an American household spends $3,008 eating out. While this sounds like an amazing evening, it could set you down a slippery slope into a life of little to no savings. So what do you do? Punch in an online order, throw your feet up on the couch and turn on your favorite Netflix show. It's been a long week and the last thing you want to do is to stand in front of the stove and cook. T ake control of your food costs: Eating out/uneaten groceries I'll also be discussing the specific actions you can take to curb overspending in each of these areas and avoid big overspending mistakes.ġ. Let's get into each of these money spending problems in more detail below. When it comes to overspending and ways to stop spending money, focusing on these 5 areas can make all the difference. How to stop spending money: 5 key focus areas Below, we’ll discuss some key tips on how to stop spending money you don’t have. You may find yourself caving in month after month and buying things you don’t need.Īnd now, you’re ready to stop those shopping binges. If you open your browser, you’re met with many ads offering products that fit your unique set of interests. Meanwhile, as shopping sites such as Amazon continue to dominate, the opportunities to spend have gotten increasingly attractive. In 2021, the average American had $96,371 of overall personal debt, which excluded mortgages. While a single man spends $1,545 on going out, single women spend $1,432.Spending money never gets old, does it? Each year, more and more Americans find themselves in debt. Interestingly, although men spend more on nightlife and entertainment than women do, there isn’t a huge spending difference between the sexes in this category. This trend is even more obvious in developing nations: the Grameen Bank in Bangladesh prefers to lend money to women because they are more likely to spend it on health, security, and the betterment of their families. At the same time, women tend to “shy away from debt” and are twice as likely to seek credit counseling. As a result, they are more likely to fall behind on mortgage payments than women and use more of their available credit. Women may repay their loans more quickly.Īccording to an Experian study, men carry 4.3% more debt than women do and their mortgages are 5% higher. Women may repay their loans more quickly. While men had to rely on speed to chase down and hunt food, women would spend more time foraging for food and other necessities. Apparently, this is a long-standing habit from humanity’s hunting and gathering days. When women shop online, they take 40% longer to make a purchase and spend more time comparison shopping than men. Women are willing to wait for the best online deals. Men become more competitive when there are fewer ladies around, and they may try to get an edge over each other through money, status, and purchases. Not to get too Nat Geo about this, but one theory is that this choice mimics behavior found in the wider animal kingdom. ![]() Research from the University of Minnesota found that men spend more money when there are fewer women around, and that cities with more single men than single women also tended to have higher credit card debt and more credit card ownership. We’d guess that a variety of factors are likely at play here, including the gender wage gap and different financial priorities between the sexes. The same survey found that men generally have more money put away in their IRAs, taxable investment accounts, and Certificates of Deposit (CDs) than women do. Men tend to put more money aside for their retirement years.Ī survey from looked at more than 20,000 people’s saving habits and found that on average, men have $50,632 in their 401(k)s, while women have $39,320. Also, 64% of men buy flowers on the holiday compared to 36% of women. Guys spend more for Valentine’s Day.Ī CNN article found that on average, men spend $175 on V-Day, while ladies only spend $88. Maybe that’s why single people of both sexes drink about 3 times as much as people in relationships. While there could be different factors making up this difference, we can all agree that a night out with friends tends to encourage more drinking than a date night. Bureau of Labor Statistics confirms that single guys drop $507 on alcohol every year, while single girls only spend $216. Sign up for Credit Sesame and see everything your credit score can do for you, find the best interest rates, and save more money at every step of the way. ![]()
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