How To Get A Man To Spend Money On You – According to the Bureau of Labor Statistics, the average American household spends a little more than $57,000 per year on the necessities of life and the luxuries that make life worth living. That’s some real money, and especially if you want to get ahead in life, you need to know where your own money is going and why.
After all, just because other people spend money on something doesn’t mean you have to spend money on it. And if you do, the difference between breaking even and winding up rich is based on spending less to free up more of your money for investing. With that in mind, here are the nine most common ways Americans spend their money.
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Clocking in at about one-third of a household’s expenses is the housing itself. Most people are willing to spend a significant portion of their income to live in a comfortable residence. Also, the relative ease of getting a long-term fixed-rate home loan makes it fairly easy to predict your annual cost of owning a home and budget the rest of your expenses around it.
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As the largest line item in most people’s budgets, this is one where finding savings will likely have the biggest impact on your future When looking for a place to live, consider not just the cost of owning or renting, but the “all-in” cost, including utilities, maintenance, upkeep and taxes. Generally speaking, the bigger the house, the higher the other expenses on top of the rent or mortgage payments.
To save costs here, focus more on what you need outside of your home instead of getting everything on your wish list. With more financial flexibility by keeping your housing costs down, you’ll likely find yourself happier in the long run by stretching your budget to get that perfect home.
Transportation is the next largest significant expense in most Americans’ budgets. For most of us, it’s the cost of buying or leasing a car, insuring it, fueling it and maintaining it. For those urban jungle dwellers, it’s the cost of public transit and the occasional jeep car or Uber trip when the bus or subway won’t work.
Here too, keeping costs down can make a significant difference in your quest for financial freedom. Cars depreciate the longer you drive them, and as a general rule, the more expensive a car is to buy, the more expensive it is likely to be to insure, maintain and repair.
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Treat your car as a means to an end — getting you from point “A” to “B” safely and reliably — and you’ll improve your ability to keep your transportation budget under control. The less you spend on getting around, the more you’ll have available to enjoy yourself once you arrive at your destination.
We all have to eat, and food counts as the third largest expense in most Americans’ budgets. Looking below the surface, “meals at home” represent $4,049 of a household’s annual food expenditure, while “meals away from home” represent $3,154 of these costs.
Although food costs represent less than 13% of a typical household’s budget, it’s one of the areas of household needs where it’s probably easiest to find quick spending efficiencies. After all, eating at home usually costs less than eating out, and cooking from scratch usually costs less than pre-packaged and pre-prepared meals at home.
Once you’ve committed to a house or car, changing that decision is usually expensive and time-consuming, but eating out is a small expense you incur multiple times a day. This makes it one of the easiest and most popular places to cut food costs when a family is looking to increase its savings.
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The good news is that saving for a future watch is the fourth largest “expense” in a typical household budget. The bad news is that most of that money goes toward paying Social Security taxes Although Social Security helps keep the typical retiree out of extreme poverty, its payments are structured more as a minimal safety net than a comfortable retirement provider.
If there’s one category where ordinary Americans would do well to stretch their budgets, it’s this one. Saving for the future not only ensures a strong retirement, but it can help provide flexibility before retirement by improving a family’s overall financial position. After all, you don’t have to be retired to be able to reap the benefits of having a solid household balance sheet.
Insurance takes up the largest share of this budget line item, at $3,160, meaning a typical family spends just under $1,500 a year to cover the cost of actual health care services. This number varies greatly from family to family, and health care is one area of the budget you don’t want to skimp on, especially if your life depends on getting the treatment you need.
Still, there are often opportunities to reduce the cost of these line items. If you can use a generic drug to treat an illness instead of a name brand, you can significantly reduce those costs. Similarly, if you’re in reasonably good health, consider a high-deductible insurance plan linked to a health savings account. This combination can lower your health insurance costs today and help build a ready supply of cash to cover your actual healthcare service costs in the future.
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As the old saying goes, “All work and no play makes Jack a dull boy.” Fun is important in life, and spending on entertainment can go a long way to providing that fun. If you’re staying on-track financially, there’s nothing wrong with a night on the town or a relaxing vacation to help recharge your batteries. In fact, it’s better to set aside some fun in your budget than to suppress your desire for entertainment and then blow through your cash.
While entertainment is important, this is one category where your spending can vary widely. A little research, a little homework, and some aggressive couponing with sites like Groupon can help you get the same fun for less pain in your pocketbook.
A little fun goes a long way, and when that fun fits into your overall financial plan, you’ll find you enjoy it more when you don’t have to deal with a money hangover later.
Cash contributions include money spent in support of causes outside the home. These include alimony, child support and charitable giving. Those are court-ordered payments, and failure to pay can garnish your paycheck or even your Social Security benefits. So if you’re subject to those payments, it’s important to keep them high on your priority list.
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The charitable side of a bucket-spending cash contribution can do wonders for those you help — and there’s reason to believe that giving back to those in need can help the donor, too. Still, if your compassion is greater than your budget allows, perhaps you can find time to donate your services to a charity you admire.
Whether you give of your time, your money, or a little of both, helping others is admirable. Be sure to keep your charitable giving at a point where you’re still comfortable with your commitment level relative to the rest of your financial plan.
Just as we all need to eat, we all need to be clothed, but there can be extensive expenses associated with decorating a household. From fancy dresses at outlet malls to overstock racks, you can easily go crazy shopping for the best clothes or go with the bare minimum to meet your workplace standards.
There is an old saying that “clothes make the man.” To an extent this is true, you obviously don’t want to wear an outfit that helps you be presentable to those you need to impress. Still, as you try to fit clothing into your overall financial plan, your focus should be on dressing for success in your endeavors, not to impress. And to that end, there’s nothing wrong with finding last season’s styles and clothing that meets those expectations for less than the overstocked racks.
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It’s a catchall category for spending that fits neatly into the other eight big buckets. In total, this would make up the sixth largest expense on the “All Other” bucket list. Still, it probably consists of a bunch of small expenses, none of which seem significant to their own typical household.
Some of these costs may be significant to you at a certain point in your life — such as education costs. For those that are really important to you, go ahead and spend a portion of your money to cover those important priorities for
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