The above is an introduction to this research by Mandi Woodruff (www.businessinsider.com) which is presented below by Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!) and www.FinancialArticleSummariesToday.com (A site for sore eyes and inquisitive minds) in an abbrieviated and edited format (see original post here*), as follows: (This paragraph must be included in any article re-posting to avoid copyright infringement.)
Woodruff goes on to say that her research found that:
HOUSING: $181,500 is the median asking price for homes today (about $827.22/month with a 30-year fixed rate loan at today’s interest rates). Source: The National Association of Realtors
RENT: Between $865 and $1,008 per month. Rental rates continue to soar, with a 5.3 percent gain over 2011. Source: RealFacts via the L.A. Times/Trulia
MARRIAGE: The average couple spends $27,000 to tie the knot, which includes $1,121 for the wedding gown alone. Source: The Knot
DIVORCE: At a cool $20,000 it’s only slightly cheaper to end a marriage than start one. Source: Divorce Statistics
COLLEGE: $21,447/year at public universities. Students pay twice that ($42,224) for private education. Source: CollegeData.com
STUDENT LOANS: $22,000 (public universities) and $28,000 (private) in student loan debt. That’s a 20 percent increase over the last decade. Source: The Consumer Financial Protection Bureau
GROCERIES: The average household spends about $3,624 per year on food inside the home, according to the Bureau of Labor Statistic’ latest consumer data. A USDA estimate for June 2012 found a “moderate” estimate for a family of four is about $200 per month. Source: Bureau of Labor Statistics/USDA
CREDIT DEBT: $2,577.40 is on the average consumer’s credit cards. The figure hasn’t changed much since before the recession hit in 2007, when it was $2,530. Source: The Federal Reserve
GETTING AROUND: $7,677 is the average tally for transportation costs, $360 of which goes into our gas tanks each month. Source: Bureau of Labor Statistics
HEALTHCARE: $3,157 per year, according to the Bureau of Labor Statistics. A study by a public health group found a 22-year-old worker and his employer will spend about $4 million on health insurance over his lifetime. Source: Bureau of Labor Statistics/MPHProgamslist.com
RAISING A FAMILY: $234,900, which is the cost of raising one kid through the age of 17. Source: The U.S. Dept. of Agriculture
EATING OUT: $2,505 per year. Source: Bureau of Labor Statistics
RETIREMENT: Americans manage to save about $3,900 to IRAs per year for retirement. The latest estimates put employer-provided plan contributions at $1,600. Source: Fidelity
HAVE YOU SIGNED UP YET?
Go here to receive Your Daily Intelligence Report with links to the latest articles posted on munKNEE.com.
It’s FREE and includes an “easy unsubscribe feature” should you decide to do so at any time.
Join the crowd! 100,000 articles are read monthly at munKNEE.com.
Only the most informative articles are posted, in edited form, to give you a fast and easy read. Don’t miss out. Get all newly posted articles automatically delivered to your inbox. Sign up here.
All articles are also available on TWITTER and FACEBOOK
Rising education and medical costs, on-going credit card interest payments, well used personal lines of credit and large mortgage debt and home equity loans – most a penchant for living beyond their means – is keeping 75% of American households in some degree of debt. Take a look and then pass it on to your friends, neighbors and co-workers.
How do Americans spend their money and how do budgets change across the income spectrum? The graph below answers these questions. Words: 240
We all know that the true cost of a car doesn’t end at it’s purchase price but most people don’t really know what the annual cost will actually amount to. The next time you are shopping for a car consider these additional costs.
How much does the typical American family make? This question is probably one of the most central in figuring out how we can go about fixing our current economic malaise. In this article we break down the U.S. household income numbers. Words: 464
Recent research by PayScale has revealed that the average ROI for U.S. university graduates (693 schools surveyed) is $387,501 over a 30-year period. 6 of the universities generated a return on investment for its graduates in excess of $1.6 million.
Graduating from college can be an exciting and stressful time. Suddenly you need to find a job, replay loans and make solid financial decisions. Fortunately, you don’t need to be unprepared. Below are some budgeting basics to keep your spending under control, some suggestions on how to set financial goals and a list of the top 10 American cities for starting out.
Americans spend more time planning their vacations than their retirement and this is the reason why 1 out 7 baby boomers are going bankrupt. With people living longer and spending as much as 30 years in retirement, if you want to maintain a moderate standard of living, it is essential to plan your retirement well in advance to secure your golden years.This article outlines 6 ways to do just that. Words: 665
What is the best way to reduce debt? The most-efficient means is probably the snowball method. There are two main variations of the snowball method, but you must consider your personality to determine which of the two is right for you. [Let me explain.] Words: 1251