How Much Does It Cost To Live?

African man with a bag of groceries looks surprised and upset at a receipt from a supermarket with high prices. The rise in the price of food

Photo: Elena Perova / iStock / Getty Images

They say time is money and a new survey looks into what the average day is worth to Americans. According to the poll of 2-thousand U.S. adults, they believe it’s worth $134. That’s the amount of work they think they do beyond their regular job, including cleaning (64%), cooking (55%) and driving (41%).

The survey also reveals:

  • The average American spends about $35 on any given day.
  • When asked to define “financial freedom,” more than half (54%) say it’s simply having no debt.
  • For others, it means having a substantial emergency fund (33%), being able to pay bills for six months with no problem (33%), or spending less time worrying about their finances (25%).
  • Only a third of Americans feel financially free right now, while 21% don’t believe they’ll ever feel that way.
  • Nearly half of those polled (48%) feel financially restricted and say they’d feel more liberated if they didn’t need to stick to a budget every month (42%), didn’t have to check their bank account before or after every purchase (38%) or had an excellent credit score (29%).
  • Respondents would also feel more financially free if they had an extra $270 available every day.
  • The average American earns about $65-thousand a year, which is only two-thirds of the $102,950 they say they’d need to make to actually feel financially free.
  • When it comes to debt, a quarter (25%) don’t have any, 47% have credit card debt, 23% have a mortgage or home loan, 22% have an auto loan and 21% have medical debt.
  • Respondents estimate it will take them an average of six years to pay off their debts, but 7% don’t think they ever will.
  • Americans worry about debt so much, the average person thinks about theirs four times a day, or 120 times a month.

Source: SWNS Digital

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