UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next
Author: dory36 Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 734906  
Subject: How people live on $22,000 a year Date: 8/2/2000 6:43 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 15
After the discussions on getting by with various amounts, I thought this would be interesting.

I went to http://www.keepingupwithjones.com/utils/form.cfm and looked up family spending habits for couples who owned their homes (without mortgage) and made about $22,000 a year, and also those at that income level who were renting their homes. I also got $100,000 income families who either owned or had mortgages on their house.

I was a bit surprised to see how close the spending was in some areas, and how different in others. $100k homeowners spend less on clothing than their $22k neighbors, and less on church contributions and prescription drugs. Pretty similar on reading material and personal care expenses, but wow! the $100k homeowners spend over $20,000 a year on transportation costs!

(These are averaged over lots of families, so presumably the figures aren't biased by some families buying cars this year and lots of clothes last year.)

I expect most of the families surveyed were working, not retired. It's interesting to look at these categories and see which ones would likely go way up or way down in retirement.

Total family income 21,951 21,980 99,688 100,156
Other receipts 218 27 0 52
Housing Status Own Rent Own Mortgage

Personal taxes & savings 310 -1,019 27,295 16,498


Total Annual Expenditures 21,642 22,999 72,393 83,657
   Food 3,860 3,622 6,357 6,493
      Food at home 2,984 2,779 4,569 4,062
      Food away from home 876 843 1,789 2,431
   Alcohol 227 206 425 565
   Housing 6,404 7,331 15,212 38,084
      Shelter 2,640 4,952 7,524 28,203
         Owned dwellings 2,241 16 5,680 27,398
           Mortgage interest 83 0 0 14,499
           Property taxes 1,238 0 3,038 11,581
           Maintenance, insurance, othe 921 16 2,642 1,319
         Rented dwellings 48 4,913 0 6
         Other lodging 351 23 1,845 799
      Utilities 2,324 1,457 3,095 3,389
      Household operations 580 253 2,102 1,205
      Furnishings and equipment 860 668 2,490 5,287
   Apparel 903 1,072 738 3,199
   Transportation 3,628 5,573 23,006 15,052
   Health Care 2,962 1,299 4,753 1,853
      Health insurance 1,818 807 3,524 1,152
      Medical services 497 308 696 441
      Prescription drugs 515 144 249 184
      Medical supplies 133 39 285 76
   Entertainment 1,151 895 2,714 3,844
      Fees and admissions 316 243 2,068 1,325
      TV, radio, sound equipment 350 409 345 1,771
      Other entertainment supplies, pet 485 243 301 748
   Personal Care 301 243 357 607
   Reading 193 127 236 366
   Education 33 111 282 1,076
   Tobacco 223 406 130 291
   Miscellaneous 367 302 3,461 1,121
   Cash Contributions 464 608 6,314 1,047
      Child support 16 56 0 0
      Contributions to students at coll 8 0 0 256
      Gifts to persons not in the famil 110 448 1,667 35
      Contributions to charity 50 48 4,448 337
      Contributions to religious groups 236 55 200 218
      Contributions to educational inst 8 0 0 127
      Political contributions 2 0 0 22
      Other contributions 3 0 0 52
   Personal Insurance 1,138 1,522 8,418 10,704
      Life and personal insurance 224 140 352 1,105
      Retirement, pensions, Social Secu 913 1,382 8,065 9,599

Dory36
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next

Announcements

Post of the Day:
Value Hounds

Medallion Financial: TAXI!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement