If you knew where your money was going, would you be as willing to let it go? According to Newsweek and the U.S Department of Labor, here’s is the breakdown of how we spend our annual household income: 12.99% for food, 34.43% for housing, 3.52% for apparel and services, 15.61% transportation, 6.37% for health care, 5.49% for entertainment, 11.15% for insurance premiums, and 10.45% for miscellaneous spending.
The fact that over 10% of our income is spent on “miscellaneous” items can seem alarming, particularly during this time of year, when many of my holiday purchases certainly fall in that category (although I certainly could argue that snowflake decorated Chinese takeout containers are a necessity for cookie giving!).
As the New Year approaches, it is a great time to think of rearranging your own spending breakdown, by making sure you are only spending on things that you truly need, and even letting a new category – savings – get a bigger piece of your annual income pie!
-Diana D., Maine Credit Union League
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