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Essay On Family Budget

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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 …show more content…

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

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