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How others spend their money!
Old 03-29-2006, 01:23 PM   #1
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How others spend their money!

I came across this site http://www.bls.gov/cex/ it is a wealth of information. Well it has a lot of statistics! I was wondering how my expenditures stacked up against others.

Retired $28,418
Degree $54,726
South $37,625
Home Owner
With Mort. $55,419
Urban $44,297
H&W $47,895
2 persons $43,693

Average $44,581

Our spending is about $48,000. Not sure this proves anything, but the charts do give you some insight as to how others spend their cash.
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Re: How others spend their money!
Old 03-29-2006, 04:21 PM   #2
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Re: How others spend their money!

Interesting data.

A couple of observations from the 2004 Survey

Higher income groups spend more on alcohol but less on cigarettes than the lower income group. Good booze costs more than the cheap stuff. Rich people are less likely to be smokers.

Higher income groups spend more on education, reading materials, and entertainment.

Higher income groups spend more on food eaten at home and substantially more on dining out.

As one would expect, higher income groups spend more in nearly every category with the exception of tobacco product. Higher income groups have lower income from unemployment comp. and veterans benefits.

The average income (before tax) for each different groups ranged from $30,835 to $ 212,610 with an average of $52,287.

Annual Spending was as follows:
Average all incomes: $43,395
Lowest group: $31,280
Highest group: $119,449

Housing costs per year:
Average all incomes: $13,918
Lowest group: $10,456
Highest group: $36,246

Food (home and away):
Average all incomes: $5,781
Lowest group: $4,562
Highest group: $12,555

Alcohol
Average all incomes: $459
Lowest group: $323
Highest group: $1,405


We are a bit above in some areas and below in others but are close to the average for our income group. Looks like more poll fodder for DanTien.
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Re: How others spend their money!
Old 03-29-2006, 04:43 PM   #3
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Re: How others spend their money!

Quote:
Originally Posted by SteveR
Higher income groups spend more on alcohol but less on cigarettes than the lower income group. Good booze costs more than the cheap stuff.
Or rich people drink more
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Re: How others spend their money!
Old 03-29-2006, 05:22 PM   #4
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Re: How others spend their money!

Quote:
Originally Posted by Sr. Senor Cute 'n' Fuzzy Bunny
Or rich people drink more
Based on the adult beverage discussions on this board I would have to say it is more about quality than quantity. Two buck Chuck is the exception and I doubt the upper crust here would care much for Ripple, Boone's Farm or MD20/20 (anymore ). Having more allow you to pay more for quality.

OTOH,

I would guess that those still working to create the kind of money at the top end of the scale would need to drink more to keep their sanity. My guess is that one tends to drink less but higher quality after retirement. Starting to smell like a poll to me.

Where is that DanTien person anyway?
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Re: How others spend their money!
Old 03-29-2006, 05:24 PM   #5
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Re: How others spend their money!

Ripping off some DVD company...

Maybe its that wealthier people are older, and older people drink more?

Nah, I remember my 20's all too well...

I did buy more expensive booze once I started making more money. I'm not sure it was better, but it sure was more expensive...
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Re: How others spend their money!
Old 03-29-2006, 06:11 PM   #6
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Re: How others spend their money!

Quote:
Originally Posted by SteveR
Based on the adult beverage discussions on this board I would have to say it is more about quality than quantity.*
A little bit of both.*

Before I started tracking expenses I never really considered what I spent on wine . . . $20 here, $40 there.* Now that I'm keeping track of these things
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Re: How others spend their money!
Old 03-29-2006, 06:12 PM   #7
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Re: How others spend their money!

That Junior Fuzzy Bunny sure is cute *
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Re: How others spend their money!
Old 03-29-2006, 06:19 PM   #8
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Re: How others spend their money!

Thanks...he sure is! Speaking of 'how others spend their money'...
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Re: How others spend their money!
Old 03-30-2006, 11:08 AM   #9
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Re: How others spend their money!

On the price-to-quality curve/continuum, I think a notch or three above the lowest cost usually provides an adequate value. Too low, crap... Too high, pretense...
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