I Write About Money for a Living and Swear by These 7 Budgeting Tips by Kelly Ernst
You don't have to spend years deep-diving into budgeting to manage your money better. All you need are these essential tips. →The cost of renting is anything but uniform—shaped by geography, neighborhood trends, and even the quirks of a few city blocks. What’s affordable in one part of town might be out of reach just a short walk away. This map, created by NeoMam Studios for CashNetUSA, visualizes the most affordable ZIP codes to rent across America.
Today, consumer spending represents 68% of U.S. GDP, with much of this used for housing, transportation, and healthcare costs. More than ever, Americans are using debt and credit cards to fund these purchases. In the second half of 2024, household debt hit a record $17.9 trillion. At the same time, credit card debt surpassed a historic $1 trillion, climbing by 8.3% over the time period.
The 70-20-10 budget formula divides your after-tax income into three categories: 70% for living expenses, 20% for savings and debt repayment, and 10% for additional savings and donations. By allocating your income into these three distinct buckets, you can more effectively manage your finances on a daily basis.
I Tried the 70-20-10 Rule, and Now I’ll Never Look at My Budget the Same Way by Heather Bien →Inflation may have come down from its post-pandemic highs, but Americans are still feeling the effects of the rapid price rise in the last three years. And some places in the country are simply more expensive than others due to larger populations, more economic opportunities, desirable communities, and high taxes.
Although costs vary from family to family, two working parents spend an average of around $23,000 per year raising one child in the United States. This graphic illustrates the cost of raising a child by state, based on data compiled by SmartAsset as of February 2024.
Since August 2020, prices for “food at home” (groceries) have increased by 20% according to data from the Bureau of Labor Statistics, the steepest inflation seen since the 1970s. On average, American households are paying about $270 per week ($1,080 a month) for groceries, according to Delish, which sourced their findings from the latest Census Bureau estimates.
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