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What do you suspect puts a larger dent in your wallet? Your commute? Or your lunch? A recent survey by Accounting Principals suggests that the average American spends substantially less on commuting costs than they do on food at work, especially young people. And worse, people dont seem to understand that this is the case.

Accounting Principals surveyed 1,000 employed Americans about their financial attitudes closing out 2011 and looking forward to 2012. What they found out about the amount Americans spend on food and coffee was surprising. 

Half of employed Americans buy their coffee at work, and of those, men spend more than women — $25.70 a week for men, and $15 a week for women. The average American working man who buys coffee at work parts ways with more than $1,300 a year. On average, Americans spend $1,092 a year on coffee — a steep fee for what is ultimately a necessity for getting things done.

But it pales in comparison to what Americans spend on lunch, especially younger workers. About three-quarters of workers between 18 and 34 buy their lunch at work (compared to just 55% of workers 65 and up), and they spend about $45 per week on food. This adds up to $2,340 a year. An average young American man, like myself, will spend $3,600 a year on food and coffee, while at work.

Thats a hefty tax on going to work it even exceeds costs associated with commuting. 85% of respondents spend money on their commute the other 15% presumably work from home, bike, or walk and spend about $1,500 a year commuting to and from work. Also, 14% of Americans spend over $200 a week on commuting, which adds up to over $10,000 a year.

Where this gets interesting is when Accounting Principals asks respondents what perks or kickbacks they would like from their employers. Most of those surveyed said they would like their employer to reimburse them for certain personal expenses, and 42% of respondents would most want their company to reimburse them for transportation or commuting expenses.

Only 11% said they would want to be reimbursed for lunch expenses, even though lunch expenses are on average significantly higher than commuting expenses. Goes to show, perhaps, that as a group, we dont think about our finances in a purely rational way all the time. Worth considering for the new year. Read the report here.

What other expenses do you suspect we over- or underestimate?


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