Paycheck Spending Statistics
Have you wondered where does your paycheck spending goes. Why there's always some debt to pay?
As per a Key paycheck spending post by Peachy, here's the statics of where does the earning goes to:
- Transport (14.1%)
- Education (1.5%)
- Food & Restaurant (19.3%)
- Household Expenditure (7.1%)
- Rent, Electricity and Maintenance (13.3%)
- Mortgage, Taxes, & Credit Payments (13.3%)
- Insurance & Personal Hygiene (7.6%)
- Communication (3.1%)
- Holidays (13%)
- Apparel (4.2%)
- Alcohol (2.2%)
- Healthcare (1.2%)
Also, there's any interesting fact that more than 22 to 29 age people have no saving at all.
What are your thoughts? How much saving you do? Where does you spend your money most?
After looking at this statics are you planning to save little more and spend little less on things.
Nice Statistics Poorti.
I believe that a person should start saving as soon as they start earning. As a young person, you need to at least save 15-20% of your income and say you get more experienced and your income increases you need to save 30-40%.
Life is about being happy, and enjoying it to the fullest while maintaining a strong corpus for the rainy day. I may not have strictly followed what I preach but I have been very consistent in saving money all through my life.
Saving is just a starting point, next is investing your savings in the right place so that you money starts to work for you harder.