Overspending in America: Statistics and Facts

OVERSPENDING in America Statistics and Facts 52% 21% 13.5% of Americans are spending more than they earn, Out of which regularly have monthly expenses in excess of their income adjust their spending the following month to get their finances back on track. Money Sources BILL PAYMENT Delayed Bill Payment Savings Credit Card Loans The average American spends EARN SPEND $1.33 for every dollar earned Debt Savings One in four Americans has more debt than savings Average person's spending increased about 30% in the last 25 years That's on top of the fact that average work hours have risen about 10% in 25 years. Only 50% of Americans are setting up a monthly budget, out of which 21% fail to meet the budget at least six months out of every year 0.28 Only 44% of Americans understand that a credit score measures the risk of not repaying a loan, rather than their debt or financial resources 11 Major reasons of Overspending Do not set monthly saving goals Easy access to credit Easy access to cash Giving in to temptation Credit card misuse Spending to feel good SALE Can't say no To prove self worth Sense of power Lifestyle Keeping up an image maintenance 15 Tips to Stop Overspending EARNING SPENDING Keep track of spending Stick to your Create shopping list budget SALE $52 $57 Don't buy something just because it is on sale. Make price comparison Ask yourself before buying 10.28 Carry enough cash Eliminate unnecessary Strive to live spending below your means SPENDING $29 $57 Appreciate what you have Find cheaper Set your own spending limits alternatives SALE 70% OFF HOLIE AY SAI Learn how to Don't count on your credit cards Get professional help find great deals Designed and Compiled by thecreditexaminer personal finance, budgeting, and investing Source http://www.huffingtonpost.com/2012/05/17/americans-spending-more-than-they-earn_n_1523920.html http://www.foxbusiness.com/personal-finance/2012/06/01/why-overspend/ http://www.thestreet.com/story/11553742/1/study-americans-are-fine-with-their-overspending.html http://www.moneyallocator.com/articles/overspending.asp http://lifeinc.today.com/_news/2012/02/21/10468068-one-in-four-americans-has-more-debt-than-savings http://www.debtsmart.com/pages/article_over_spend_01070616.html http://financialplan.about.com/od/savingmoney/qt/Overspending.htm .----. .....---* **.----*