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When I research statistics on money and how we as a culture are doing it shocks me! As a general rule, we are spending too much and not saving nearly enough.

When asked if they lived paycheck to paycheck, a whopping 78% said they do and over 70% said that debt is the reason they struggle.

Let’s break things down and see where our money is going.

The Hard Facts:

• The average American spends $232 per month eating meals prepared in a restaurant.
• The average car payment is $479 per month.
• The average person has over $16,000 in credit card debt.
• The average student loan debt is $29,000.
• The average American has three “impulse buys” per week adding up to over $400 per month!
• The average person spends $1,100 per year on Starbucks (or the like). This is coffee folks!!

The Hard Facts on Savings and Retirement:

• 57% of American families have less than $1,000 in their savings account.
• 26% have NO savings whatsoever and could not cover a $400 unplanned expense.
• 36% haven’t even thought about starting retirement savings.

These stats are mind blowing to me and cause me to worry about the futures of those who aren’t paying attention.

When we see that the average family brings in $50,000 per year (this means half of the country makes less) it is no wonder that families are living paycheck to paycheck and can never get ahead.

A saddening 56% surveyed said they believe they will

never be able to get rid of their debt.

This is heartbreaking and should cause each of us to re-evaluate our own situation.
The good news is it is never too late to rise above average. Take a look at these statistics to see where you can make changes, pay down loans and start saving money. Making just ONE change from this list could potentially alter the direction of your financial future.

What are your thoughts on these statistics? Share your comments below.