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Also here is how to save money on your monthly expenses.
Under 25
Americans under the age of 25 have the lowest spending of any age group.
On average, they spend $3,863 per month and $46,359 per year.
Individuals at this age havefewer financial responsibilitiesand lower incomes than those at later stages in life.
They may have schooling or job training expenses, but many dont have mortgages or dependents to worry about.
The uptick in spending may be due to settling down and starting families.
Age 55 to 64
Between the ages of 55 and 64, expenses begin to dip.
These adults spend an average of $6,507 per month and $78,079 per year.
These individuals also begin to resolve their mortgages.
Age 65 and Older
When Americans reach this age, they are often in retirement.
On average, adults aged 65 or older spend $4,818 per month and $57,818 per year.
On the other hand, cutting your spending is a way to maximize the money you have coming in.
Here are some ways to do that.
One of the best ways to cut your spending is to cancel subscriptions you dont use.
Look through emails,bank statements and credit card billsand list your subscriptions and recurring payments.
Terminate any subscriptions that you dont use at all.
Remember to look forrecurring annual subscriptions, too.
Get Into Cooking
Eating out and ordering food are expensive habits that can increase your monthly expenses.
Rather than paying extra for the convenience of someone else making your food, do it yourself and save.
Swiping a card to buy something doesnt feel as real and can easily lead to overspending.
When you use cash, youre physically handing over money.
This action can reinforce the cost of your purchase so youre aware of what youre actually spending.
Using cash is also an excellent way to see to it you dont spend more than youve budgeted.
stash your card purchases for planned spending that youve already budgeted for instead of impulse buys.
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