Most Americans (64%) report that they waste a considerable amount of money, according to a new study by The Ascent. Some waste is minor – like ordering more than you can eat at a restaurant when taking home leftovers isn’t feasible.
In some cases, though, wasteful spending can be significant. Survey respondents reported their average wasteful spending each month to be $139, but also admitted to an average most-significant waste of $521.
That’s a lot of money being thrown down the drain, but one type of waste was cited by nearly 90% of those surveyed – making an impulse purchase they later regret.
The danger of impulse buying
An impulse buy is a purchase you make that wasn’t planned. It can be something minor – like snagging a churro because it smells so good – or it can be major purchases made without any thought. Buying an ill-advised snack won’t sink most budgets but picking up a new Xbox, pair of designer shoes, or something else pricey can create financial headaches.