According to VisualEconomics.com, the average US Consumer spends approximately 5.4% of their paycheck (or $2698) on entertainment each year. That doesn't sound like a lot, but let's put it in perspective:
- 5.7% of the average paycheck (or $2853) is spent on health care.
- 4.8% of the average paycheck (or $2384) is spent on gas.
- 5.4% of the average paycheck (or $2668) is spent on eating out.
When we put it in those terms – it looks a little more substantial.
What entertains us? Movies – the theatre, the Redbox, Netflix, Blockbuster, premium movie channels, pay-per-view… Video games – Xbox, Wii, Playstations… Social Media – Facebook, MySpace, Twitter… Sporting events, concerts, plays, museums, festivals… We find entertainment in an endless list of mediums and depending on your personal interests – it can get pricey.
Some might argue that entertainment should be cut when you're trying to get out of debt or save money. We agree… and we also disagree.
When one is struggling to get out of debt, pay off loans, and save for a down payment on a house – it seems rather frivolous to go to the movies twice a week when, for a fraction of the cost and a little patience, you can watch that movie for a fraction of the cost when it comes out on video (and buy your popcorn a whole lot cheaper too!)
One of the philosophies of Generation Millionaire to make smart economic decisions while still maintaining a quality of life. If your passion is skydiving – you may want to think about a low-cost alternative such as an indoor skydiving unit until debt is cleared up, but we still want you to have fun!
We just want you to be smart about it and be aware of your choices!
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