The average American spends over $1,200 on prescription medication and $100 on dietary supplements every year. It’s important to spend money on medication and dietary supplements that maintain and improve your health. You can reduce these expenses by eating a healthy diet and exercising daily.
The average US household spends over $700 per year on personal care products and services, and the average person also pays over $700 per year on dental care. You can reduce these expenses by using smart and effective hygiene habits, like air drying your hair or decreasing how often you shave.
This interview with Caroline Ling (Stanford University MBA/MS) takes a closer look at some of the topics we discussed in our episode called Your Trash. Caroline reviews some tips for proper disposal of trash, recyclables, and compostables to help you reduce how much you pay for waste collection.
About 75% of US adults wear glasses or contacts. The average glasses wearer spends up to $600 per pair, and the average contact wearer spends $250 per year on lenses, plus expenses for solution and cases. You can reduce these costs with regular eye doctor visits and by eating more veggies.
The average American spends only $92 per year on reading material. Reading more books improves your literacy skills, and childhood reading increases adulthood income by over 20%. Purchasing used books or reading free books from the library are great and affordable ways to enhance your life.
The average US household owns 5 electronic devices that have high upfront and ongoing operating costs. For example, the US spends $16 billion on streaming services per year. You can reduce these costs by using your devices until they break, by reducing streaming services, and by using your devices less.
The average family spends close to $7,000 on toys per child from birth and throughout adolescence. Toy purchases are important because toys greatly impact childhood development measures like attention span, coordination, creativity, and interpersonal skills. Purchasing fewer and more purposeful toys can provide huge savings!
In 2020, the US spent $99 billion on pets. Some expenses, like training classes and healthy food, are good investments to ensure your pets’ safety and health. But there is high potential for savings with purchases like pet clothing. And you can save up to $4,000 by adopting (instead of shopping for) your next pet!
The average US household pays over $7,000 to furnish an apartment with new furniture. The cost for a new mid-range sofa alone can be as high as $2,000. These expenses can be reduced by purchasing second-hand and multi-purpose furniture. Further savings can be achieved with strategic furniture placement.
Every year, the average US household spends $180 just on paper towels, not to mention the cost for all their other cleaning supplies. Chemical cleaning solutions can have costly health consequences. By switching to reusable cleaning tools and to non-toxic cleaning solutions, you can save close to $300 per year.