How the Average American Family Spends and How to Cut The Costs
Are you curious how the average American family spends its income? Let's take a look at six major cost of living categories, the average spending statistics and some practical ways to cut your budget in each of these areas. In these instances, it pays to be below average!
According to Forbes, the average American household spends about one-third of their yearly budget on their house – whether they rent or own.
This can definitely be one of the harder areas to save money depending on your location. While it's important to live within a reasonable distance to your employer and in a safe area, consider your actual needs. Many people are purchasing very large, extravagant
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Even the busiest people can invest in a crockpot and a cookbook. Toss a meal in when you leave in the morning and come home to a hot, ready to eat, wholesome dinner.
Meal prep and shop according to your needs. Purchase in-season, fresh foods or frozen when necessary and avoid the pitfalls of expensive pre-packaged foods.
Make it a group effort. Once a month cooking groups, food co-ops, and coupon clubs can help distribute the cost, planning, and effort required to prepare so many homemade meals.
Generation X Finance’s recent poll indicates that the average family spends approximately $232 per month on utilities. Budget-wise, families spend 5% monthly for this category.
You're probably already aware of the need to properly insulate attics and walls, but many people don't realize that one of the most common sources of air leaks are wall switches and outlets. This simple DIY project can save you hundreds per year.
Speaking of air, whenever possible, air dry everything - dishes, clothes and even your hair to prevent unnecessary electricity consumption.
Insulated curtains block out light in the summer months and hold in heat in the winter months. If you have south facing windows, purchase a roll of the large bubble wrap and cut to fit your window panes. Spritz the inside glass with water, stick the bubble wrap to it and open the curtains on sunny days.
Our living area has south facing windows and is ten degrees warmer than other areas when we
Meal prepping is a huge component of living a healthier lifestyle. Allowing yourself the time to meal prep will tremendously help you with your busy weekly schedules. This also helps budget and save money. Going out to eat may not seem like a lot but when you add it all up you could have bought a week's worth of groceries. Also, by meal prepping you are creating everything yourself so it is healthier than eating out.
There are several ways to build the walls and floor so that heat is stored in the day and released at night. Night and day temperatures, as well as seasonal angles of the sun are things to think about in terms of location if you plan to build a home that utilizes solar energy, such as an earthship. Dave Black states “ An east west axis (90 degrees to true south) allows the longer side of the structure to be exposed to the sun.That’s where the big windows should be. North and east facing windows can lose a lot of heat in the winter, and west facing glass can cause overheating in summer, so they should be few and small.(Use overhangs over the windows to protect the interior from too much summer sun…….) .”
One of my expenses is bowling every week at Bel-Air Bowl on Saturday mornings. It costs eleven dollars a week for the school year except during the school season. My family goes to the chiropractor occasionally, and buys vitamins there. Another big expense for me is church youth group functions. Summer camp alone costs around two or three hundred dollars, and we do events through the whole year. Car repairs and maintenance is a big expense, especially recently since the car accident. We also have random expenses at Christmas and birthdays, when we buy more gifts and spend more money than normal. Random expenses may not be large in dollar amounts, but they add up
The definition of cooperative cooking varies but the general idea is to organize a group of people who each cook a large meal big enough to feed all the families in the group. The meal is divided into shares, one going into your refrigerator and the rest given to the other members of the group. For a group of three, for just cooking one meal, the family gets to eat three meals, which could stretch to last even longer. Participants often set guidelines with regard to price and ingredients, and include instructions on how to cook or reheat the already assembled meals. Cooking in bulk can lead to buying in bulk when it is on sale, which saves money and cuts down on wasteful packaging and trips to the store. If there is food ready in your fridge you will be less likely to be tempted by expensive fast food that has many negative impacts on our body and planetary health. Other food sharing systems such as a potluck, where each member brings in a dish to eat together on a specific day, are already familiar to many of us as a special event, and are being utilized at less formal dinner tables everywhere. Groups may also take turns hosting a meal for everyone to enjoy. If you don't have a group to cook with, consider the lost art of
Later in Maine, she stayed at Motel 6 for $120 rent per week. The room was only equipped with limited kitchen equipment like frying pan, a plate ,a small bowl, a coffee maker and one large drinking glass which left her with only one option of frying. Due to not having large cooking pot, pot holders, or a ladle to stir with (which cost about $30 at Kmart) she managed to cook her lunch with a slow burning, high protein combo of frozen chicken patties with melted cheese on top and canned pinto beans on the side. Her dinner was at workplace, where they offered their employees a choice of fish sandwich, or hamburger for only $2. In Minnesota, she rented a room without kitchen hence she managed to have her meals at low price (i.e. Chinese buffet or Kentucky fried chicken). Mostly due to limited cooking equipment, very low budget and insufficient time, Ms. Ehrenreich found it difficult to make healthy food choices. Also healthy food choices are generally expensive.
Annually it would be about $480. I plan on putting $25 towards an emergency fun every month in case something happens that would be $300 a year creating an OK emergency fund. College saving I plan on putting $20 towards monthly because I know i will be in college for a few years to achieve my job. Groceries i put down $30 a month because I dont eat much due to the fact that I'm sick and also vegetarian. A lot of foods dont appeal to me so i wont be spending big money on steaks and other meats which I know from my families spending can be pretty expensive depending where you live and sales. Plus with roommates The groceries cost can be cut down by all pitching in for
$2,280 a year. One last thing, it said the average American spends 15% off their income on
I know the thought of cooking every meal can seem daunting during Whole30, but sometimes you just have to open your fridge, see what ingredients you have and
Its 3’oclock, the kids will be home from school soon, you have to take one to basketball, the other to soccer practice, and feed your spouse when they arrive home. You don’t want to spend hours cooking a healthy meal but what choice do you have? The children need to eat something healthy and your spouse will want a hot meal on the table when they arrive home after working a grueling 8 hour shift. You look in the pantry, everything located there is not very healthy or will take hours to prepare and make. You could run down to the local hamburger fast food place, but the food they serve is not very good, and definitely not healthy, also after a while it becomes very expensive if you were to do this every time you had a day like this. Then something reminds you, there are bread buns in the bread box, then there is that pulled pork BBQ that you made way to much of two months ago sitting in a baggie in the freezer. There is your dinner! The family will be happy and you can throw it on the stove and cook a quick meal.
When someone makes the decision to buy or rent a home they must consider the advantages and disadvantages of each. In buying a home the primary advantage is that you actually own it. You can do whatever you want with it. Also, you are building equity as the years go by. “People today have problems saving for their future” (CNN Money, 2014). However, when they buy a home, the
Many families and single people are forced to live on a budget. The process of living within a budget takes will and determination but to reach happiness and avoid poverty, it is worth the sacrifices. There are many economic reasons, such as a new baby in the household, job loss or change, the children’s education expenses or retirement. All of these occurrences can cause financial burdens and, the need to control and tightened spending. Even the wealthy, have to budget and arrange their unrestricted expenses against their limited incomes. It is possible to live well on a tight budget but there has to be an understanding of the expenses, a good attitude and a clever plan.
Dine during mid-weeks: Quit dining out during weekends if possible. Many restaurants offer mid-week offers to enable customers dine on slower nights usually
3. Time and energy saving: Meal planning should be done in such a manner that it should be easy to cook and save time and energy. This is especially important for the families of low income groups or where the housewives are also working. If the meal consists of too many dishes and each takes a lot of time to prepare, then the housewife will spend too much time in the kitchen and she may get frustrated because the other household works will remain incomplete. Therefore, the meal planning of the diet should be such that it involves the minimum amount of time, energy, and expenditure.
With all of these potential causes for not keeping a personal budget, there are effects on the economy as well as the person involved. One recognized effect of not keeping a personal budget is living out of a person’s means. This effects the economy tremendously. For example, the recent housing market crash was a true testament of poor personal budgeting methods (Curry, 2013). People were entering themselves into a
When it comes down to feeding your body and mind, nothing is superior to preparing your food from scratch, with quality ingredients and served with love. If you have never experienced this phenomenon then try it out for 90 days and see how you feel. Come to that, see how your family feels as you work together in the kitchen to create a level of harmony and good health that is only possible when food is prepared in a loving manner, and eaten slowly with others. OK, so no excuses about time and schedules and…and…and. Instead let’s take a look at why preparing your food is a win-win situation for everyone.