Photo (cc) by n.karim
Do you realize how much money you spend each day? If you’re like most Americans, it was $91 in April, says a new Gallup poll.
Though up from $86 daily in March, the figure was less than the daily average for several months last year, Gallup said.
“Still, it is the highest April average since Gallup Daily tracking began in 2008,” the pollster said. Last year in April, daily spending was $88 a person.
The Gallup Daily tracking poll is based on interviews with 14,712 adults asked to estimate the total amount they spent the day before in restaurants, gas stations, stores or online — not counting home, vehicle or other major purchases, or normal monthly bills — to provide an indication of our discretionary spending.
The increase came despite Americans sounding generally more negative about the economy in April than they were earlier in 2015, according to Gallup’s Economic Confidence Index.
Spending usually goes up each spring, and it looks like we’ll spend even more this month.
Month-over-month spending usually increases in May as warmer weather encourages us to spend more time outside and to travel, Gallup said.
May 2014 spending hit $98, the highest daily May average in six years.
Bigger outlays this spring may indicate that when the GDP flattened out in the first quarter of 2015 it was more of a temporary, weather-related phenomenon than it was sign of a troubled economy.
Do you know where your money goes each day?
A budget can help you keep your spending in check if you stick to its rules. If your budget doesn’t work, you may be overlooking small expenses, such as snacking, lunching out or failing to plan for some expenses, like gasoline.
Do you have a budget, and if so, do you stick to it? Share with us in comments below or on our Facebook page. And share this article on your Facebook page so your friends can compare notes.