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Most budgeting advice boils down to one thing: You spend too much. But is it really true? Do you indulge in too many luxuries—a pair of strappy heels here, a DVD box set there? Does that three-figure savings account point to a shameful lack of discipline? Or is raising kids in NYC such a demanding business that there aren’t enough hours in the day or dollars in the bank to break even? On these pages, we disclose the average spending, after taxes, of both American and New York City households.* Then we show you how much of your take-home pay financial experts recommend you lay out for things like savings and transportation—just for a little comic relief. Finally, we calculate a real-world budget for New York City families with two kids in day care. The upshot: Whoever said raising kids requires a 110% commitment wasn’t kidding.
*Percentages are drawn from the U.S. Bureau of Labor Statistics’ (BLS) Consumer Expenditure Survey, except those for child care, which come from the National Association of Child Care Resource & Referral Agencies (NACCRRA).
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Charles
Fri, Mar 07, at 05:46am
I find it amusing, if not scary, that you write under your recommended percentages, "To keep debt under control, try borrowing...." when you recommend a household spend more than they earn (uh doesn't that mean debt accumulation?!). So as a publication, you find it responsible for a household to a) spend more than they earn and b) not save a nickel while simultaneously telling them to 'control debt'? This could be the most laughably irresponsible financial advice column I've ever read.
