At Your Means, Above Your Means, or Below Your Means?
October 29, 2009 – 5:05 amHave you ever thought through your budget and tried to figure out how your spending compares to others by category? Are you living at your means, or above/below your means in the big categories that count? This thought crossed my mind the other day and I haven’t been able to shake it.
I think for my family, we are status-quo from a housing perspective. Our home is just about at the mid-point for what we could have afforded and what we need, and is comparable to many of our friends homes in the area. It’s probably about 10% below the mean when compared to most of my coworkers.
My wife and I probably spend a bit more than most of food ($100-$125 or so per week). I’m still not sure why this is the case, as I judiciously use a price list, shop multiple stores, and purchase store brands for commodity-type items. Nonetheless I think we’re probably near the average.
In all of the other categories, I think we spend much less than others that are near our income level. Clothing, cars, entertainment, travel & vacations, gift giving. We enjoy all of these things but we definately don’t go overboard. Perhaps this is why we can spend a little more on housing and food.
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