Coffee, Lunch Spending Tops Tax Refunds
EmailWant to save $2,000 a year? Pack your lunch. Wanna save another grand? Fill a thermos with coffee while you’re at it.
The average amount working Americans spend on coffee and lunch is more than the average tax return refund they will receive, with two-thirds of American workers buying their lunches, according to a survey by Accounting Principals, a staffing and recruitment firm. The average spent on lunch alone is $37 a week, or $2,000 a year.
The survey found noticeable workplace spending differences by gender and age. Men spend $46.50 a week while women spend $26.50 on lunches.
Americans spend more money on their lunches than on their commuting costs, which was average of $123 a month, or $1,500 a year.
Accounting Principals asked Braun Research to conduct a telephone survey of 1,000 employed Americans, 18 and older, from Dec. 22 to 27. The survey found men tend to purchase and spend more on coffee than women, 54 percent and 45 percent, respectively.
Half of Americans buy coffee regularly at work, spending more than $20 a week, or $1,000 a year. Younger professionals ages 18 to 34, spend nearly twice as much on coffee — $24.74 — during the week than those ages 45 and up — $14.15.
The average tax refund in 2011 was $2,913, according to Yahoo Finance.
Americans are not planning to use their year-end bonuses on food or drink, however. The survey found 57 percent of employed Americans plan to use their year-end bonus to pay off debt.
And, according to the survey, one-third of employees have a financial goal of bringing their lunch to work in 2012.
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$2,900 average tax refund? So the IRS is keeping $250 of the average person’s money every month interest free? Sheeeeesh – re-do your withholding so this stops! Use your own money, or, if you can do without it every month as it goes to the IRS, put it in savings – at least you’ll make a little on it. If that $250 per month was put towards debt every month, interest charges would go way down as well.
Posted by: Sheila | January 23, 2012, 4:46 pm 4:46 pm
This is the same philosophy my Dad taught me 50 years ago – bringing your lunch saves a fortune, especially with microwave ovens available at the workplace. As to the refunds being used to pay off debt – bull ! Trips to Vegas, big screen TV’s, and the latest electronic gizmo is where those refunds are going. 35+ years of tax preparation has taught me that, clients come in year after year with debt balances increased, even though they were going to use the refund to pay them down.
Posted by: Give Me a Break | January 23, 2012, 5:07 pm 5:07 pm
I worked as a teacher where we teachers were making about 2x what the secretaries and custodians and warehouse workers were. But the teachers, with only 25 min. for lunch, almost always brown-bagged it and either brought a thermos of coffee or set up a group pot in a teacher’s lounge. The others often went out to lunch, sent someone out to 7-11, etc. for coffee, and tended to buy sodas and snacks from the vending machines. When one warehouse worker asked me how I could afford to go on overseas vacations, I pointed out that if he brown bagged his lunch, bought his sodas in bulk at Costco, and brought a thermos of coffee from home each day, the savings could pay for trip to France, the Holy Land, an Aegean Cruise, etc. for him and his wife every other year. He was stunned. People don’t realize how much money they waste. In, retirement, I’ve got the time and have become a much better comparison shopper and have the time to stop at a few stores and save a couple hundred on groceries each month.
Posted by: The_Mick | January 23, 2012, 9:53 pm 9:53 pm
It should be pointed out that obviously no one will save $2000 by bringing a lunch – you’ll just spend the money at the grocery store instead of somewhere else. You may save a little money for sure, but most people will still be spending in the thousands.
Posted by: David | January 23, 2012, 10:07 pm 10:07 pm
I never did understand Starbucks. And most people go out for lunch just to get away from the office.
Posted by: newcountryman | January 24, 2012, 8:28 am 8:28 am
Why does Accounting Principals, a “recruitment and staffing” company, conduct a survey about lunch spending? What are they trying to sell? Where is the data behind this report? I practice tight budgeting, but folks, don’t beat yourself up too much about this and your personal situation. Remember, only the folks who have computers, internet, and the time to read and comment on this report are participating in this discussion.
Posted by: Carol Foster | January 24, 2012, 12:54 pm 12:54 pm
Advice to Pack a Brown-Bag lunch is great advice (just now on air).
Better Yet!
(from profile of someone I saw years ago)
Pack TWO Brown Bag lunches — one for you, and another to give to a homeless person on your way to work. You’ll still save money and make a real difference in someone’s life.
Original guy noticed how bad he felt as he walked by the Homeless on way to work, and had an “Ah-Ha” moment when he paid the $35 lunch bill.
PB & J and an apple x2 is less than half what I used to spend eating out.
Posted by: Brad Lowry | January 25, 2012, 7:03 pm 7:03 pm