MINNEAPOLIS (WCCO) — We talk quite a bit on WCCO about saving for emergencies and retirement. But a new survey shows people are still wasting a lot of money.
The survey from GoBankingRates says the average American wastes about $5,300 a year on non-essential buys.
Those non-essential buys include things like coffee and alcohol, restaurant and takeout meals, ride-sharing and taxis, clothing and leisure events.
According to the survey, younger adults tend to be bigger spenders than older adults. Millennials were found to spend an average of $6,283 a year compared to younger baby boomers’ $4,196 a year average.
The survey says that these unnecessary purchases are affecting Americans’ retirement, and suggests cutting the purchases in half and investing in savings.
For more on the survey, click here.