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Median Household Income Has Fallen Behind Cost of Living Since 2003

Are You Wasting Too Much of Your Income?

Household income on average is currently lower than the cost of living as the graphic shows below. Living in a pattern where spending is more than income can only lead to one thing: DEBT. This statistical data shows average levels of income and average levels of costs in the US, but this does not mean that leaving within your means or is impossible. You can spend less than what is the national average and be able to function. Just because your neighbors are spending a certain amount to live their lives does not mean that you need to be spending the same amount. Of course, there are the unavoidable costs and prices that we all must pay for like utilities, food, fuel, rent. There are ways to minimize these costs also. Maybe you can rent a smaller home or rent in a less expensive area temporarily. Maybe you can cut back on eating meals outside of your home also. And maybe you can lower your use of gas and electricity at home by being more responsible with your usage. Be mindful of how you are spending your financial resources and make sure not to live beyond your means. Keep close track of how and where you are spending to avoid getting caught in a cycle or lifestyle where you are dependent on a growing amount of debt.
 

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