COS T OF LIVING
the
Co$t of Living Basic Budgeting: How much do I need to make to live like I want? LIKE GOVERNMENTS AND BUSINESSES, IT IS IMPORTANT FOR INDIVIDUALS AND FAMILIES TO HAVE A BUDGET SO THEY UNDERSTAND HOW MUCH MONEY THEY MAKE AND SPEND EACH MONTH. FORTUNATELY, APPS LIKE MINT CAN HELP YOU TRACK YOUR BUDGET, BUT IT IS ALSO GOOD TO KNOW WHERE YOUR MONEY IS GOING WITHOUT THE HELP OF TECHNOLOGY.
MILWAUKEE
CHICAGO
MINNEAPOLISST. PAUL
NEW YORK
SAN FRANCISCO
AUSTIN
DENVER
CHARLOTTE
Housing
$611
$879
$711
$1,514
$2,014
$860
$938
$777
Food
$245
$256
$275
$314
$346
$255
$276
$264
Transportation
$733
$720
$808
$435
$786
$841
$803
$818
Health Care
$394
$344
$373
$425
$387
$318
$319
$522
Other Necessities
$346
$458
$398
$738
$952
$450
$491
$420
Taxes
$466
$560
$515
$851
$1,277
$474
$604
$627
Monthly
$2,795
$3,217
$3,080
$4,277
$5,762
$3,198
$3,431
$3,428
Annual
$33,540
$38,604
$36,960
$51,324
$69,144
$38,376
$41,172
$41,136
15.10%
10.20%
53.02%
106.15%
14.42%
22.75%
22.65%
Increase compared to Milwaukee
38
STUFF SE
| 2020
What makes up your budget?
At its heart, a budget is about how much you make and how much you spend. Every month, there are certain costs you can plan for like rent, utilities, groceries and food, and transportation costs like gas for your car. There are also unexpected costs like medical bills if you get hurt or car repairs if you’re in an accident. You should plan some extra cushion in your budget to account for these, to save for bigger purchases in the future or to pay for things you want to do like going to a Brewers game or attending a concert. It may seem like it is a long way off, but you should also plan to set some money aside for your retirement.
What changes my budget? The amount of money you spend each month on some things, like rent, may not change very much. Other costs may go up and down depending on your activities. For example, utilities charge you based on how much natural gas or electricity you use, so if you have to heat or cool your house a lot, your costs may go up if those items are not included in your rent. The amount you spend on food may also change if you eat at restaurants a lot since they are generally more expensive than cooking at home.
How do I save money? If you want to save money for bigger purchases like a house, a new car or a nice vacation you will need to spend less than you make each month. There are lots of ways to save money on regular costs including splitting housing with roommates, buying generic products instead of name brands, buying in bulk, not using credit cards or at least making sure you pay off your balance every month to avoid interest costs. A PRODUCT OF BIZTIMES MEDIA