Wouldn’t you like to know how you stack up to your friends and neighbors? What if we all just spoke freely about our income, about how much we spend each month, or about our charitable habits? Have you ever wanted to see if you spent about the same percentage of your income as others? Not that you are nosy, but you just want to make sure you are not making some big mistake that you can’t recover from.
Well, I am not sure we will ever get to the point of freely sharing our deep financial secrets, but an annual survey by the Bureau of Labor Statistics can give you a little insight on how you compare to about 125,000 of your fellow Americans. You will find numbers like average income ($74,664), average amount spent on housing ($18,886), average amount spent on health insurance ($3,160), and more. You can see past reports at https://www.bls.gov/cex/csxreport.htm.
Here are some of my observations:
So how do you stack up? If you feel that you are not where you should be, start with some basics. Create a budget, automate your savings, and track your expenses. The act of thinking and focusing on your finances can lead to changes that will make big differences for you and your family!
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