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Tag Archives: monthly expenses

Save Money on Transportation Costs

save on transportation

Unless home is in a major metropolitan area with great public transport, you probably need a car. I have no problem with vehicle ownership. There are two of them sitting in my garage right now, but it’s amazing to think that Americans spend over $9,000 a year on transportation costs. The good news is that you don’t have to spend that much to get from point A to point B. There is a simple way to save money on transportation. The Bureau of Labor Statistics released a report recently outlining how Americans spend money. The typical consumer unit (defined as either families, single persons living alone or sharing a household with others but who are financially independent, or two or more persons living together who share expenses) takes home an average of $53,485 per year, and we spend almost all of it. Cars Are Our Biggest Expense After Housing Obviously, the biggest expense category was housing. In addition to mortgage or rent, water and electricity bills, insurance, furniture, and property taxes are lumped in to this category. Americans spend $17,798 a year or $1,483 per month on housing. That certainly  doesn’t seem like most of us are spending lavishly to have ...

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Budgeting Checklist – Estimating Monthly Spending & Hidden Costs

budging for a new rental

You’re finally off on your own—ready to explore an unfamiliar city, make new friends and enjoy your new found independence. But before you immerse yourself in a new way of living, take some time to set up a foundation for your finances. Americans have been saving less each year since the mid-‘80s, with savings rates hitting as low as 2 percent in 2013. It’s almost like it’s engrained in our DNA to consume more, even when we don’t have the means to do so. Being on your own and getting an apartment is certainly an exciting new chapter of life to experience, but you need to outline all of your possible costs so you can still set money aside for that rainy day. Check out this apartment budgeting checklist for an overview of where your monthly spending will go, as well the hidden costs people often forget to incorporate into their budgets.  Start-Up Costs  Application fee – If you’re looking to rent a new apartment, versus joining an existing lease, there will probably be some kind of application fee. Don’t worry about budgeting for this, but don’t be surprised to have to pay $50 or more to have your credit ...

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