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  • Data Crunch What Does The Average Household Spend Money On 1

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    The document discusses typical household spending in the United States. It states that after taxes, the three largest spending categories for families are housing, transportation, and food. Families spend $1,847 more per year on transportation than food. Needs such as housing, transportation, healthcare and food account for 66% of expenses, while wants make up the remaining 34%. Expenses like transportation, insurance, healthcare and housing typically remain the same each month, while food and wants can vary more from month to month. The data shows that two-thirds of spending goes to needs, not wants, so Americans cannot be considered frivolous in their spending.

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    The document discusses typical household spending in the United States. It states that after taxes, the three largest spending categories for families are housing, transportation, and food. Families spend $1,847 more per year on transportation than food. Needs such as housing, transportation, healthcare and food account for 66% of expenses, while wants make up the remaining 34%. Expenses like transportation, insurance, healthcare and housing typically remain the same each month, while food and wants can vary more from month to month. The data shows that two-thirds of spending goes to needs, not wants, so Americans cannot be considered frivolous in their spending.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    722 views1 page

    Data Crunch What Does The Average Household Spend Money On 1

    Uploaded by

    api-584843897
    The document discusses typical household spending in the United States. It states that after taxes, the three largest spending categories for families are housing, transportation, and food. Families spend $1,847 more per year on transportation than food. Needs such as housing, transportation, healthcare and food account for 66% of expenses, while wants make up the remaining 34%. Expenses like transportation, insurance, healthcare and housing typically remain the same each month, while food and wants can vary more from month to month. The data shows that two-thirds of spending goes to needs, not wants, so Americans cannot be considered frivolous in their spending.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    What Does The Average Household Spend Money On?

    Data Crunch
    Budgeting

    1. Besides taxes, what are the three largest cost 2. How much more do families spend on
    categories for families? transportation than on food?

    Housing, Transportation, and Food. They spend $1,847 more on transportation than food.

    DOK 1 DOK 1

    3. What percentage of a typical family’s expenses would you consider needs as compared to wants?

    34% goes to the wants


    66% goes to the needs
    DOK 2

    4. What expenses would you expect to stay the same month after month? Which would vary most month to
    month?
    Transportation, insurance, healthcare, and housing will stay the same food will change. People tend to eat about
    the same amount but would change a little bit your wants change month to month.

    DOK 2

    5. You overhear a friend discuss how Americans are frivolous in their spending and waste lots of money. Use
    this data on family budgets to argue against his position.

    No, because 66% of normal income is spent on needs with only 34% for wants so we are not exactly frivolous.

    DOK 3

    www.ngpf.org Last updated: 1/28/20

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