WRKO>Audio & Video on Demand>>Amanda Dixon (Bankrate.com, Financial Vices)

Amanda Dixon (Bankrate.com, Financial Vices)

Sep 14, 2018|

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

To vote on our daily poll question had financial exchange Joseph Johns come while you're there fire of the media player and watch the show while you work. This is the financial exchange radio network. The same of the financial exchange has brought you in part by CU secrecy carton educational program designed to protect the elegantly from financial abuse through senior safeguard credit unions and Massachusetts New Hampshire Rhode Island and Delaware are training and certifying their team members to recognize elder financial abuse and what to do owners. Thoughts you can do your part as well as it better values better banking dot com for more information. So as promised demanded Dixon from Bankrate dot com now joins us to tell us just how. Horribly we spend our money each year because I had no idea until I read this article Amanda. Just how much crap we spend our money on. Grade so American bent ordained when he 900 dollars the year lion restaurant food a year history like RV and lottery ticket so it. There are a lot of you know they were anybody on a nearly potentially. Let's talk about restaurant through one of the things that blew my mind was that 38%. Of Americans dine out at least three times a week. Now. Does this statistic are we talking breakfast lunch and Erica binders that just dinner. We're talking about restaurant food in general Billick setting booed direct and lunch or dinner with early got the respondent. I'll be interpreted the question. And what you found on. Average was that even you know the the average person you're not those people pay you know buying three plus times a week. The average purse was going out for food 2.4 times a week that just seems like a lot doesn't it. I think it depends. For some people that might be as they get that they don't you know and up into them or leave it there are we the money that they can be a big. Best for other people it might be okay it has. You know six months in America APC. Eric but if this financially. Amanda looking at and this number I wanted to little clarification on it. Since 25%. By prepared drinks at least three times a week now that doesn't mean they're going out to a bar three times a week that could be. They're buying a lot today they're going out and buying a smoothie those are included in that category correct. Exactly were talking about non alcoholic beverages like Cosby like he like it. Maybe things like back. What about lottery players how how often do do the worst defenders play the lottery in a lot of cases. Great that lowest earning how well they're playing the lottery at least. Went the week you were packed up more than a quarter of these people that are standing in total more than 400 dollars a year so lottery. That amended do you have any statistics just collected two ritual or Germany thing on alcoholic drinks. With this study we that it only a line. Non alcoholic drink and went into V you know how people are being on alcohol. Yet that would be bad for me I thought could tell her I mean. Amanda what what is interesting is you know we we talk about this 2900 dollars a year that people are spending on average but. There was also in another Bankrate survey that's at 42% of America. Are comfortable the size their emergency funds is there's a big disconnect between what people are spending their money on and and what they should be spending their money on it seems. Absolutely I think people are not really. Really realizing that they're spending all that but he. But it could be using and a better ways yes that we you don't have a money be or you know are breaking down our group that needs to replace. Maybe it but it's it's your priorities that the fat Bert. Very good demand thanks for the time today we appreciate it. You that is Amanda Dixon from Bankrate dot com orgasm I think we all know that the best way to build up your emergency budget is you know by winning lottery ran towards her and wired line or drag kings. It's it's it's the classic you have to spend money to make my. Right you know. You first Leslie teacher and business school. Mentally when the game now that I think about it I'm a little bit less surprised about the 30% of people dying at least three times a week because there are. A few instances where I'm on the road and a buying lunch for her for work yeah that. What surprised me over the last. The 25% spending money I'm prepared drinks three times that we can at 10% pursing lottery take three weeks prize equipment. I'm wondering there must file lottery tickets times a year neither I usually just immense gifts or something like you know by. I mean I've rarely rarely go a lot of my way to get a lot I'll only play if it's like huge. Mega Millions of or what have you huge jackpot and it's got to play as your odds so much better actors all in I think. Thing. People do this is a step that the book why are we stoop or a terror to slaughter I know none no justice. Or the frak chino mine knows so. We know that most Americans don't have 400 dollars put away in emergency net. But why are we so short sight it is my question what myself and this too is it all kinds it. Don't crap when it comes archer archer go to casino the troops and I'm. I'm going to a casino this weekend you wanna talk about don't I'm top of the list of the chuck their people go to casino every weekend and all for the most part I used to. There's zero a we have an effort to graduate from college cleaned up as to go to wheel sometimes added a Lago Vista came out net positive but you know there were times where analysts note that negative big talk of money you know it's like. Okay where is Rick coming from this lake it wasn't good all the time people just like instant gratification. I think right. There's an oil out of that they do but I guess it's like as humans we are not very long term thinkers know at all it's it's funny we have the ability to think long term but really bad. You know we can think about OK five years from now I need to do this but we don't think about anything we have you today in order to get to that I think is a part people especially millennial is you know they don't really worry. A ton about savings because they wanna go oh how fun in Jolo whereas they'll like what am I gonna do when I'm eighty years old you know. And I pretty. Canyon don't mean what can. George Bush was skydiving toll was ninety minister mr. you know there's a lot you can do injury you don't just give it all up.