Spending habits

The spending habits of Australians can be defined as the amount that individuals and households spend on goods and services such as food, alcohol, clothing and health care and the frequency at which they do so. The spending habits vary between individuals and are influenced by a number of factors such as employment, salary, age, sex and location.

In 2012 Australian's spent a total of $642 billion on general living costs according to the Australian Securities and Investments Commission. Of that $642 billion Aussie's spent $14.1 billion a year on alcohol versus $1.1 billion a year on tea and coffee and $19.0 billion a year on recreational activities versus $8.3 billion a year on medical.

It highlighted a lot of common spending habits and also our need to curb back on some overindulgent spending.

There are four main types of spending habits:

  • Big spender
  • Everyday spender
  • Occasional spender
  • Habitual spender

Depending on which type of spender a person is will depend on how much money they will be able to save in their savings accounts. Of course, you can always change your spending profile by re-assessing your current income and expenditures and finding new ways to cut back on spending and be rewarded with bigger savings.

To assist you in saving more money, have you considered opening up an online savings account? The table to the right lists some great high interest savings accounts available.

This is an information service. By browsing on the website and/or using our search tools, you are asking RateCity to provide you with information about products from multiple financial institutions. We will try to show you a range of products in response to your request for information. The search results do not include all providers and may not compare all features relevant to you, for further details refer to our FSCG. The rating shown is only one factor to take into account when considering these products. We are not a credit provider, and in giving you product information we are not making any suggestion or recommendation to you about a particular credit product. If you decide to apply for a product, you will deal directly with a financial institution, and not with RateCity. Rates and product information should be confirmed with the relevant financial institution, and you should review the PDS before you decide to purchase. See our terms of use for further details. This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.