What is consuming a large amount of space on my Mac regarded as Applications in Storage? I opened the Storage tab in About This Mac and it says that 61.57 GB of my 121 GB Flash storage is used on Applications.

I opened the Applications folder, highlighted all the apps, opened the Inspector and it told me that it only took up 9.34 GB altogether.

I've only had this Mac for less than a week and I don't understand where all my memory is going!

MacBook Air 13″ early-2014 121 GB Flash storage
Try an app called DaisyDisk, it breaks down your storage usage folder by folder.