How does a family of 5 make it on one middle-class income? For starters, we learn from others on ways we can save. Here, we pull back the curtain on our own expenses with hopes that it may help someone else. See how my family’s June 2019 expenses compare to yours.
After losing weight (nearly 30 pounds) and transforming my body, the most common question I receive these days is how I did it. There’s no secret to my success, but it wasn’t an accident either. It was through lifestyle change. I used many of the same approaches that I take toward my finances and put them toward my equally important goal of living a healthier life.
We hear stories and see picture of athletes spending lavishly. They drive luxury vehicles, making it rain at the clubs, and wear bling heavier than our heads. Then when they become injured or cut and can no longer play, we roll our eyes and have little sympathy when we hear they filed for bankruptcy. What we don’t realize is that many of us average folks do the same thing, just on a smaller scale. We spend everything we earn, acting as if we will go on living this way forever. We are your everyday ballers.
As a Category 5 hurricane was barreling toward our city, I realized that I didn’t have nearly enough non-perishable foods to sustain my family for more than a day or two. Everyone else must have had the same thought at the same time, because store shelves were empty. We survived the storm just fine, but this was an important life lesson. Don’t wait for an emergency to strike, by that time it’s too late. We need a stockpile now.
We all want to have money. The problem is that we can never save enough. We always want more. Saving money for the sake of saving money then, is not something worth valuing. I’ve started to change my thinking. Rather than value saving money, I now focus on setting financial goals that are consistent with the things that are most important to me.
Housing is our largest expense. While we tend to talk about saving money on smaller expenses, like coffee or cable, we don’t want to be penny wise and pound foolish. Here’s how I saved over $100,000 on my home. These tips can help those buying a home, as well as current homeowners who still want to save money.
If you don’t understand what’s so special about bread, chances are you’ve been buying your loaves from the store. Homemade breads taste sweeter, have fewer ingredients, and are less expensive than store-bought bread. But like everything else, people are afraid that making it yourself will take too long. Today we share simple recipes for white bread and banana bread that will make you never want store-bought again.
An air conditioner can be a life saver in the blistering summer. But it is also one of the largest users of energy in our home. One of the most common questions I receive when I give lectures on saving money is whether it is better to turn the air conditioner off when you leave the house, or leave it running.
There were no car problems, appliance failures, or other major costs this month. So why did my May 2019 expenses still come in over budget?
Food is a necessity. It’s also our largest variable cost each month. My family of 5 has been able to survive on one middle-class income by reducing how much we spend on food and other costs. We spend less than $100 per person per month on food, which is substantially lower than the national average. How do we do it? Here we provide numbers for average US households’ spending on food and break down my family’s grocery costs and meal plans.