Have You Ever Wondered Where The Money Goes?
Where does your money go? If you’re like most Americans, more than half of it goes towards housing and transportation alone.
This is according to the Consumer Expenditure Survey performed by the Bureau of Labor Statistics.
The most recent study shows American household spending habits from 2005, but the percentages change little from one year to the next.
The largest expenditures by household are:
- 32.7% for housing
- 18.0% for transportation
- 12.8% for food
- 5.7% for healthcare
- 5.1% for entertainment
- 4.1% for apparel
- 2.0% for education
- 1.2% for personal care products/services
- 0.8% for life and personal insurance
With this industry-by-industry breakdown, we can see how changing where you live and how long you commute can be the best ways to keep your household budgets in check.
Saving money on haircuts, clothing and food can make an impact, too, but not nearly as much as living in less expensive home or changing driving habits.
Related posts:
- Where Does The Money Go?
- What If You Got To The Closing Table And The Money Never Showed Up?
- How The New Good Faith Estimate Form Can Help You Save Money On Your Mortgage
