Posted on December - 23 - 2010
How Do You Spend Money? Your Spending Personality Type
It’s a natural impulse to compare ourselves to others (Is her computer faster? Does her salad have more croutons? Does she, uh, make more money than we do?) Over and over, readers will ask not just, “How am I doing?” but, “How am I doing compared to everyone else?” They want to know if they have more or less money saved up than other people their age, how their spending habits compare, and whether they are bigger spenders or savers than other people. So, we answer. Let this information quench your curiosity and guide the way you view and treat money in the coming year.
How Does Your Net Worth Compare To Others With The Same Age And Income?
Your net worth is the full amount of money, investments, and property you’ve accumulated, minus your debts. This CNN Money calculator can show how you measure up to your peers, grouped first by age and then by income. For example, median net worth for people between the ages of 25 and 34 is $8,525, whereas that number jumps to $51,575 for the 35 to 44 age group (we’re thinking student loans). Play around and see what you find.
How Does Your Spending Compare To The Average?
According to U.S. nationwide numbers, the average household spends about $6,400 on food, $16,900 on housing, $1,700 on clothing, and $7,700 on transportation per year. Did your household spend more or less than the average $2,600 on dining out? To track down your spending and compare, visit the LV Budgeting Tool. While you’re going through your annual spending, figure out what percentage of your income you’re spending on what. For example, Americans spend about 34% of their budgets on housing, but we actually recommend trying to spend less than 30% of your annual income on housing. Compare the chart showing how the average American household divides its spending to the chart with how we recommend dividing your income. Now, look at your own numbers. Are you on track?
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