The American Dream is expanding to include some things that were once thought to be luxuries.  Cell phones, dining out for lunch during the work day, and buying coffee at a coffee shop are all major expenses that are now considered to be part of a normal household budget.  As a result, consumer debt is growing to epic proportions, making the cost of living go up for even the most frugal of us.

The average American household spent nearly $6600 in food in 2012, a shocking $2678 of which was spent in restaurants.  The average household spends $500 a year on pets, $1092 on coffee from a coffee shop, and Americans spent $66.5 billion on lottery tickets in 2011.  There are a lot of places where Americans can be trimming the fat and putting money into savings, but there seems to be a new standard set for lifestyle expectation.

Learn how the average American is wasting money from this infographic.  Then take a look at your own finances and determine where you can trim the fat and save a little instead.  If you have good spending habits and you examine carefully where all your money is going, you will be able to live more comfortably in the future.


Source: TopAccountingDegrees.org