One thing humans have always been good at is developing ways to make life easier and more convenient, whether it’s inventing the wheel or offering one-click delivery to an address right across the street.
Convenience comes at a cost, though — and that cost can take a big bite out of your budget.
On average, Americans spend around $150 per month (or nearly $1,800 a year) on convenience-driven purchases, according to a new survey from CouponFollow, a platform that helps shoppers save money by offering verified coupon codes and deals from thousands of online retailers.
These purchases include items like subscriptions, delivery services and same-day shipping.
For its survey, CouponFollow polled 1,006 U.S, adults to find out how much they overpay just for the sake of saving time. Here are a few highlights:
- Nearly half of respondents (46%) feel they’re overpaying for convenience.
- About 15% spend $300 per month (or $3,600 per year) on convenience-driven purchases.
- 3 in 4 said they often feel regret or guilt after paying for something they could have done themselves.
- More than one-fifth (21%) said they’re paying for three or more convenience subscriptions they rarely or never use.
- Nearly half (47%) admit their convenience habits feel financially unsustainable.
- Nearly 2 in 5 have skipped comparing prices or searching for discounts simply because it felt like “too much work.”
While many Americans are digging themselves into a financial hole by paying for convenience, the big winners are DoorDash, Uber Eats and Amazon Prime. These are the top platforms Americans feel most guilty spending on.
In some cases, people feel convenience is money well spent. In others, they feel a big sense of buyer’s remorse. The CouponFollow survey included questions on convenience-based purchases that Americans feel are worth it and purchases they don’t think are worth it. Here’s a closer look at the data.
Convenience Purchases That Are Worth It
These are the five purchases that rank highest in terms of being worth the money:
- Streaming or entertainment subscriptions: 41% of respondents
- Same-day or instant shipping: 34%
- Curbside pickup or drive–up orders: 18%
- Grocery delivery: 16%
- Food delivery: 11%
Find Out: The ChatGPT Grocery Shopping Hack That Saves Retirees $100 or More per Month
Read Next: 8 Unusual Ways To Make Extra Money That Actually Work
Convenience Purchases That Aren’t Worth It
Here are the five purchases that rank highest in terms of buyer’s regret:
- Food delivery: 27%
- Streaming or entertainment subscriptions: 22%
- Same-day or instant shipping: 8%
- Grocery delivery: 5%
- Rideshares: 5%
You might notice some of the same items on both lists, which shows that some consumers find these things to be worth their money while others don’t.
Generational Differences
Another thing that CouponFollow found was that some generations spend a lot more money than others on convenience-based purchases. Here’s a breakdown of spending patterns, ranked from the highest to lowest expenditures:
- Gen X: An average of $167 per month
- Millennials: $154 per month
- Gen Z: $136 per month
- Baby boomers: $82 per month
Oddly, while Gen Xers spend the most money on average, they’re also most likely to scout for money-saving deals. Millennials are the least likely, followed by Gen Zers and boomers.
More From GOBankingRates
- Mark Cuban Warns 4 Key Industries Could Crumble in the Next Recession
- How Much Groceries Cost Americans 10 Years Ago vs. Today
- How Middle-Class Earners Are Quietly Becoming Millionaires -- and How You Can, Too
- 6 Safe Accounts Proven to Grow Your Money Up to 13x Faster
This article originally appeared on GOBankingRates.com: Nearly Half of Americans Say Convenience Costs Too Much — 5 Things That Are Worth It and 5 That Aren’t
