65% of Americans Don't Know How Much They Spent Last Month
On February 16, 2025 By newsroom Topic: Saving And Investing Money
Key Findings From a Survey
- Lack of Spending Awareness
- 65% of Americans don't know how much they spent in the previous month.
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This lack of awareness may stem from stress or a belief that budgeting isn't necessary.
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Generational Divide
- Gen Z (18-24): Only 23% knew their spending - the least of any generation.
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Older Adults (55+): Nearly 50% reported knowing their monthly expenses.
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Regret Over Spending \ude1f
- 31% of Americans who know their spending regret how much they spent.
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This shows that even those tracking expenses feel burdened by poor financial habits.
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Overspending Is Common
- Americans overspend an average of $7,500 annually, leading to financial stress.
- Avoidance of budgeting contributes to overspending and financial instability.
Why It Matters
- Money Stress: Finances are the main source of stress for 44% of people.
- Budget Benefits: 62% of those who budget report feeling more confident and in control of their money.
- Small steps, like tracking daily and monthly expenses, can help reduce stress and improve financial health.
Generational Behavior
- Younger Generations: Less likely to budget or track spending.
- Older Generations: More likely to monitor expenses and prioritize financial awareness.
Takeaways for Better Financial Health
- Start tracking expenses to identify spending habits.
- Use tools like budgeting apps (e.g., Mint) to simplify expense monitoring.
- Set a realistic budget to reduce overspending and gain confidence.
- Regularly review daily, weekly, and monthly spending for accountability.
Summing it up
Budgeting doesn't have to be overwhelming. By understanding and tracking spending, you can take control of your finances, reduce stress, and work toward your financial goals.
Stay aware, budget smart, and make every dollar count!
