10 Things Americans Waste The Most Money On: 24/7 Wall Street

24/7 Wall Street:

24/7 Wall St. reviewed how Americans spend money. One of the conclusions of this analysis is that consumer spending is relatively alive and well, despite the recession. This may mean that Americans continue to be over-leveraged. US citizens have, in general, brought down their indebtedness. However, holiday spending rose substantially from last year, and the extent to which Americans feel poor has declined now that the recession has ended. Americans spend about 15% of their household incomes on things that they do not need to satisfy their vices or to keep themselves amused.

Read the whole story: 24/7 Wall Street

Comments

[SinfullySublime]

09:27 AM on 02/28/2011

There they go again, blaming their their victims. No mention of waste against our will: wars of choice, welfare for big biz, the war on "drugs," etc. etc.

[Captain Hindsight]

10:40 PM on 02/26/2011

Number one thing people waste time on:

Reading useless articles like this one.

[Widespread Panic]

09:08 PM on 02/26/2011

If we eliminate all of these "wastes" what is there to enjoy in life? As long as you spend within your means, I don't consider any of these a "waste".

[DXM]

09:46 AM on 02/26/2011

What an incredibly lame list!!! And by who's measure are these things considered "a waste"? I mean camping equipment isn't a waste if you like camping and actually use it. Staying at a motel, eating out and going to an amusement park as part of a vacation isn't a waste if it's quality time with the family and it rests you so you are more productive at work. This is more like a list one would expect from a physically inert, anti-social shut in. Where are the true wastes of money like bank fees, credit card interest, &c.?

[Arts4u]

10:41 AM on 02/26/2011

Overinflated cost of housing, food and insurance?

[Levonsky]

02:03 PM on 02/25/2011

The publication is "Wall Street 24/7" Nuff said.

[AngelaQuattrano]

10:35 AM on 02/25/2011

The money that "Americans" waste on these things is disproportionately wasted by the wealthy. Comparing the cost of a motel room for a week with the cost of owning multiple luxury vacation homes is blatant classism.

[MJinCanada]

09:50 AM on 02/25/2011

I agree with most of the commenters that this is an idiotic list.

Shoe, watch and clothing repairs are NEVER a waste because mending a good product is far more cost effective than buying a new one -- or a series of cheap throwaway items.

Bicycles and most sports equipment are not a waste -- at least not if they are used. Obesity, remember?

While tobacco is generally a useless product (unless it's part of your cultural religion), a good bottle of wine (not expensive, just good) is never a waste. If any French or Italians see this list they are going to ROPL(their)AO.

Why are gifts a waste? We do spend a fair bit on gifts in our household, but we try to avoid junk and buy what people will want and need or appreciate, whether it's a slow cooker or piece of original art.

The number one waste that they missed COMPLETELY is interest on credit cards!

[Extranjero]

08:23 AM on 02/25/2011

This list is ridiculous! If we were to eliminate all these things from our lives, we will revert back to Hunters and Gatherers.

[Cleo Creech]

05:15 AM on 02/25/2011

What??? A household average of over $1,000 a year in gifts? I am so living in the wrong household.

I have to print that bit out and make sure to leave it laying out in strategic place in the house where it can be found.

[Djabout Mauren]

01:14 AM on 02/25/2011

I believe the article defines 'waste' as any spending that is not necessary for human survival. OK. I can live with that. As Americans, as none of us are subsistence farmers, virtually ALL of us spend money on entertainment, booze, eating out, etc., whatever.

It does make you take pause as to just how much we spend on tobacco and alcohol. Having worked in a low income neighborhood at a gas station it is pretty eye opening how many (but not all) poor people prop up their wasteful spending and vices with food stamps. People can afford to pay six bucks a day for cigarettes and another five for malt liquor when they don't have to pay for food (if you consider gas station fair to be food). I'm liberal and I'm all about helping out the poor but I think the food stamp programs could use some reassessment. For example, why do people get to use food stamps for soda or bottled water but not coffee. It's weird and seems to lack any internal logic..

[AnonymousDissenter]

12:15 AM on 02/25/2011

Is it me, or are the majority of these things not so much a waste as a standard of the middle class? Does it seem disturbing to anyone else that pets, going to the movies, and vacations are considered a waste of money now?

I feel like I'm being prepared to accept a culture of poverty so that I don't get so angry about the loss of the middle class.

[Daly]

12:38 AM on 02/25/2011

I too have been looking for the excess... this does sounds like normal life...

[Indigo1941]

06:42 AM on 02/25/2011

I thought the same thing. The criteria the authors used for their research, if that's what it was, were badly skewed in directions that not only didn't make sense, they were even explained. It's clear to me that the misspent money went into inventing research to support the thesis of that article.

[Genosse Joe]

11:51 PM on 02/24/2011

Goverment is the number one thing Americans waste money on.

[Mike Kopac]

07:30 AM on 02/25/2011

go inspect the Food you buy, insure the safety of the drugs you take, license professionals that treat and represent you, work in a place that no one enforces safety law and while your at it DO NOT USE AIRPORTS or HIGHWAYS all publicly built and maintained

have you ever thought of these things I await your reply

[MC88]

08:36 AM on 02/25/2011

There are massive amounts of bureaucratic waste in the administration of all those programs. I don't believe he is advocating for getting rid of programs, only the fraud, waste and abuse.

[MJinCanada]

09:52 AM on 02/25/2011

You can always tell a libertarian, but you can't tell him much.

[econ1]

11:29 PM on 02/24/2011

If I don't spend it the government will take it and waste it.

[barbra1971]

11:01 PM on 02/24/2011

I am missing money spent on fines. Is there anything like that to compare with rest of the world? My employee got $120 fine for going 43 miles instead of 40, no meter showed to him, probably just guessing.

[falco]

10:20 PM on 02/24/2011

Running out of articles to write? How much money was wasted on this analysis? There is abundance for all on this planet. Earth, the planet we were born on but have to pay to live on. Some monkeys got in the middle and now sell/rent it all back to us. Don't ever forget who created this mess. And they want US to stop wasting money? This might fly in Europe where feudalism is evident from birth with all the Royal symbolism in their faces, but not in America. We are the land of the free, and we intend to stay that way.

[MJinCanada]

09:54 AM on 02/25/2011

Honey, Europe is less feudalistic than the US. It's NOT usual for bosses there to make 3000 times more than their frontline workers, because they'll get it taxed away.

[falco]

11:22 AM on 02/25/2011

Peaches, your wrong. The fact that bosses there make 3000 times more than their front line workers only reiterates the sad situation for the Crown's subjects.