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At first glance, New Yorkers’ spending habits may not appear all that different from the national norm. In fact, we do allocate our dollars differently. Some of the stats confirm the suspicions we all have: New Yorkers spend “significantly more” on housing and clothes, according to the BLS, and significantly less on transportation. Other numbers had us thinking, WTF?: We spend less on entertainment, alcohol and cigarettes? But here’s a revealing piece of trivia for you: New Yorkers in 1901 spent and saved about the same percentages of their take-home pay as we do now. So although the nature of our indulgences may have changed—from, say, whiskey and gambling to the aforementioned shoes and DVDs—we’re not any more irresponsible than our great-great-grandparents were.
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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.
