Are You A “Mystery Spender”?

If you can't account for every dollar you spend, take solace in knowing you're not the only one.  Nearly half of us say we lose track of about $2,340 per year, according to a study by Visa, Inc.  The money simply "disappears," and we're not really sure where it's gone, the study's authors say.

Nearly half of us 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.

Visa's survey of 2,036 adults found that 48% of us suffer from this "mystery spending."  Check out this breakdown of when the money usually "disappears" and see if it sounds familiar:

· Fifty-eight percent while on a night on the town.

· Fifty-five percent while grocery shopping.

· Fifty percent while out with the kids.

· Forty percent while shopping during a sale.

· Thirty-three percent while shopping with friends.

It's not surprising that consumers would lose track of some cash spending, but the Visa spokespeople were taken aback at how much - 7% of the survey participants reported losing track of up to $100 per week!  Visa said the lesson to remember is that a dollar here and a dollar there do add up.  One bright note:  Of those who acknowledge their "mystery spending," 59% said using their debit cards rather than cash helps them keep better track of their money.