Do Minnesotans Spend Money Like The Rest of America?

For most of us, we’ve been paying closer attention to where we spend our money over the last few years. When prices started going up, some of us were having to shop at multiple stores to feel like we were getting the most bang for our buck. 

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Have you looked at where most of your money is spent? Which types of products are you buying the most? 

I came across an article from “Visual Capitalist” from last month that studied where we spend our money. Here is the breakdown. 

On average, no surprise, housing is where the biggest part of money goes. Just over $25,000 annually is spent on where we live. That figure is followed closely behind by our second largest expense, our vehicles. The average American spends just over $13,000 on transportation. 

Protecting ourselves and planning for the future is the third biggest expense we have each year, as we’re putting over $9,500 into personal insurance and pension type plans. 

I don’t think anyone would be surprised to see the figure that we spend on healthcare each year, but what may surprise some folks is that we’re spending just about the same amount on our health each year as we do the food we eat at home. 

We are spending just over six thousand dollars per year on both of those categories. Now, if you’re saying that the amount for food seems low, you’re right. Because the better than six grand is for food that we eat at home. 

We’re spending another almost four thousand dollars each year on meals we eat outside of our homes. To be honest, that number feels a little low as well.  

As we move on through this study, we start getting into the areas where a lot of us could be wiser in our spending.  

Most Americans are spending around $3,500 on entertainment, which seems low if you do something regularly. Then a little more than two thousand dollars on clothing.  

We as Americans are trying to take care of ourselves, at least we’re spending on things that should help us feel better. We are putting out nearly a thousand dollars per year on personal care products and services. 

Lastly, this study says that we’re spending just under $650 on alcohol and $370 on tobacco products. Both figures seem low to me. 

How does your spending compare, or do you even want to look at breaking it down?