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How Does Your Family Spend Money?

What is Middle Class Income?

Happy Monday everyone! As today is my birthday I really did not want to bore everyone with verbose prose on some sort of personal finance topic. So, what better way to communicate than through an infographic? A lot has been said about the middle class and where they stand (how they spend money), especially in light of the economic headwinds we’ve faced over the last five years. I like this infographic because it shows how the “average” middle class American family spends its money. Although I was not surprised by the following statistics, they did grab my attention:

  • Only 3.2% of income is saved for retirement
  • The middle class has shrunk by 11% since 1970
  • The savings rate is abysmally low at 3.5%
  • Student loan debt continues to increase

 

 

What are your thoughts? Did anything stick out to you, or was it of no surprise? How does your family spend money?

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I'm the founder of Frugal Rules, a Dad, husband and veteran of the financial services industry. I'm passionate about helping people learn from my mistakes so that they can enjoy the freedom that comes from living frugally. I'm also a freelance writer, and would love to help out if you have the need. If you're wanting to grow your blog, check out my blog coaching services to see how I can help you take your site to the next level.

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