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  • Tuesday, April 1, 2008

    A fool and her money...

    If you can’t account for every dollar you spend, take solace in knowing you’re not the only one. Nearly half of all Americans say they lose track of about $2,340 per year, according to a study by Visa, Inc. The money simply “disappears,” and they’re not really sure where it’s gone, the study’s authors say.
    Nearly half of Americans report spending about $120 in cash per week—and losing track of $45 of it. Men under 35 are the biggest “mystery spenders,” reporting that they lose track of $3,078 per year, or an average of $59 per week—mostly during a night out. Women fared a little better, reporting losing track of $2,709 per year, or $52 a week—mostly while out shopping.
    It’s not surprising that consumers would lose track of some cash spending, but the Visa spokespeople were taken aback at how much. They said the lesson to remember is that a dollar here, a dollar there adds up. Seven percent of the survey participants reported losing track of up to $100 per week. Of those who reported their “mystery spending” was out of control, 59 percent said using their debit cards rather than cash helps them keep track of their money.

    The nationwide survey of 2,036 U.S. adults found that 48 percent of Americans suffer from this “mystery spending.” Here’s a breakdown of when the money usually “disappears”:

    58% while on a night on the town
    55% while grocery shopping
    50% while out with the kids
    40% while shopping during a sale
    33% while shopping with friends

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