I don't typically carry much cash. Sometimes I go weeks without more than $1 in my wallet. And because I'm not much of a cash spender, I don't pay much attention to where it goes. But boy does it add up.
According to a new survey commissioned by Visa, U.S. consumers have no clue where about $21 per week in cash goes. That adds up to almost $1,100 annually. (The survey's subtext: Use Visa debit and credit cards).
I took a peek at my spending trends in Mint.com and learned that my family has no idea where we spent approximately $1,300 in 2009. But since that's for two of us, I guess we're better than average.
Still, that's a lot of dough. Oh the meaningful ways I could have spent that $1,300. A new lap top, a vacation, a house cleaner. Or even better, just think of the ways I could have saved that sum.
More findings from the survey:
- younger adults between the ages of 18 to 24 claim to lose track of $2,500 annually, more than twice the average amount.
Consumers said they were most likely to mystery spend while:
- 34% Purchasing food and other groceries
- 32% Leisure shopping for non-essentials
- 31% Enjoying a night on the town
- 26% Dining out
I'd put "giving money to kids for school fundraisers, etc." on that list. I surprised not to see that proverbial $3 latte.
About two in 10 consumers said small cash purchases make it hard to track spending. I'm guessing that the other eight have never even tried to track their spending.
