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Normal monthly expenses family8/10/2023 ![]() ![]() Average monthly expenses for a family living in the US ![]() This article will elaborate on the specific expenses your family will have to spend while you’re in the United States. If you want to know more about the factors likely to affect the cost of living the American dream, you’ve come to the right place. Then, having one child will raise it to $6,178, or $74,134 annually. Meanwhile, a couple’s living cost averages $5,572 monthly or $66,861 yearly. A family of four needs $7,095 per month or $85,139 annually. The cost of living in the United States for a family varies per state. However, regardless of how good you think the US is, one thing you should highly consider before moving here is the cost of living. I’m 26 and living a great life on what many would consider to be WAY to little to be happy.Many people want to move to the US with the dream of having a better life with their families. I’m happy, fulfilled, have multiple hobbies, and save a big chunk of money each month which will lead to early financial independence (stop work? change careers? volunteer?). Yet I live a great life on $1800/month (2012 total budget) including a 2-week trip to Ireland later this year (paid in full), a computer I built for myself for $800 (which will last a good 5 years or so), season tickets to my local soccer team’s games, weekly paid piano lessons, insurance, car/bike maintenance, rent, phone, groceries, etc. I get it from my family occasionally when I talk about how I saved money on a certain bill, or how I’m putting off buying a house to save up, etc. “Don’t forget to live life! Don’t make yourself miserable now!” etc. I think this sort of statement is common. “So when does life come in? The crossover point is a cool idea and I hope to hit is years before I plan to retire, but hitting it when you are 40? 45? I.M.H.O it seems like you are short changing some things.” Networking hard to grow income may be the best ROI on time spent doing any one activity any of us have. Be smart, work on getting into reputable companies/careers and grow your income. So when does life come in? The crossover point is a cool idea and I hope to hit is years before I plan to retire, but hitting it when you are 40? 45? I.M.H.O it seems like you are short changing some things.Īt some point, like minded, really smart people helping each other is the best way to get ahead. Zecco isn’t free anymore so you have to pay to buy and sell stocks/mutual funds. Even Macklemore spends $0.99 on clothes from time to time. I would say price of a book, but I don’t even buy those so library late fees? How is your gas and electric average in MI $110? Your wife is freezing in the winter. ![]() Health insurance(assuming your article meant homeowner’s insurance since you said geo-dependant)? Family related trips? Buying your absolutely tolerant wife a birthday/anniversary gift? Your house never has anything break? Buy any plants for spring? Cars need oil changes? I know you have a bike, those things even need service from time to time. Seems like you have to be missing some things. poverty line of $15,730 in earnings for a family of 2. That’s about $15,000 per year (for the two of us, 1 dog, and 2 cats), just a bit under the U.S. My estimate for this year is a little over $1,200 per month (excluding home, property tax, & insurance, which for the purposes of this exercise are heavily geo-dependent). I just completed this exercise again, as I do every month when I add up my credit card statements. It all starts with that monthly spend level. Get a ballpark estimate of how many more years you’ll need to work to reach your crossover point and an eventual retirement savings goal.Get a rough idea of what kind of savings you’ll need hit your crossover point.Calculate what income level you need to achieve saving goals.Know what income level you need to avoid going in to debt.Figure out where your spending could be at an optimal low.Calculate what it actually costs you to survive.When you figure out your monthly budget expenses, you can: If you can calculate that, you’ll instantly surpass the majority of Americans, whose idea of personal finance is to close their eyes, spend away, and pray their heads stay above water – even without doing a bit of budgeting work. I say “monthly budget”, but for the purposes of this post, monthly budget is synonymous with monthly spending. ![]()
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