The List:
Your Income:
Gross Monthy Income(s)
-
two or more if you and your spouse are working and/or are working more
than 1 job.
minus Taxes (Federal, State, Local but not sales tax) For Ohioans,
income taxes account for about 23% of your total income.
minus Savings Plans (contributed to monthly such as 401k, 403b,
pensions)
minus Other monthy deductions (i.e., medical/dental benefits
or any other deduction)
When you subtract taxes. savings plans, and other deductions from Gross
Income you have your:
Net Income
Now for your Expenses. Be conservative here and estimate on the
high side.
Personal Savings (the
experts say you should pay yourself first and always be saving
10% of your income at least for the future)
Housing (rent or
mortgage) Here include any additional expense for your living space such
as insurance,
property taxes and estimate a portion for repairs and upkeep (about 1-2%
of your income).
Utilities (electricity,
water and sewage, natural gas, telephone service, internet service)
Transportation (include
car payments, public transportation expenses, car maintenance, expenses
for
gas, oil, license, insurance, tune-ups, tires, insurance).
Entertainment (cable
television, new equipment, computers and software, internet services,
music purchases, books and magazines, subscriptions).
Debt Repayment (Repaying
credit cards, school loans, bank loans, any repayment of
debts not considered monthly expenses).
Other Expenses (This
category should include everything from costs of education, child care,
charitable contributions, to elective medical and dental work, gifts to
church, hobbies
and so on). The idea is not to forget any expense and try to account
for every penny.
Total Expenses (all
the expenses added together)
When you subtract Total Expenses from your Net Income you have your:
Disposable Income - Think of this as extra money that you can
begin to put back into your budget through
one of your line items. This is also a "buffer zone" of income
that can be used for unforseen emergencies.
Now the U.S. Dept. Labor information.
This is annual income and would have to be divided by 12 months in
order to make these figures comparable to your budget.
Consumer Expenditures in 2000Internet address: http://www.bls.gov/cex USDL-01-480 Technical information: 202-691-6900 FOR RELEASE: 10:00 A.M. EST Media information: 202-691-5902 Thursday, December 27, 2001 CONSUMER EXPENDITURES IN 2000 Average annual expenditures per consumer unit rose 2.8 percent in 2000, following increases of 4.1 percent in 1999 and 2.1 percent in 1998, according to results from the Consumer Expenditure Survey released by the Bureau of Labor Statistics of the U.S. Department of Labor. The increase in expenditures from 1999 to 2000 was less than the 3.4 percent annual average rise in the Consumer Price Index (CPI) over this period. The changes in expenditures from 1999 to 2000 varied among the major components of spending. Expenditures on housing and food rose less than the overall change--by 2.2 percent and 2.5 percent, respectively. Spending on apparel and services, transportation, and health care rose in the 5.5- to 6.5-percent range, whereas spending on entertainment and on personal insurance and pensions each decreased in 2000--by 1.5 percent and 2.1 percent, respectively. Annual expenditures of all consumer units and percent changes, Consumer Expenditure Survey, 1998-2000 ____________________________________________________________________________ Percent change Item 1998 1999 2000 1998-99 1999-2000 ---------------------------------------------------------------------------- Number of consumer units (000's) 107,182 108,465 109,367 Income before taxes 1/ $41,622 $43,951 $44,649 Average age of reference person 47.6 47.9 48.2 Average number in consumer unit: Persons 2.5 2.5 2.5 Earners 1.3 1.3 1.4 Vehicles 2.0 1.9 1.9 Percent homeowner 64 65 66 Average annual expenditures $35,535 $36,995 $38,045 4.1 2.8 Food 4,810 5,031 5,158 4.6 2.5 At home 2,780 2,915 3,021 4.9 3.6 Away from home 2,030 2,116 2,137 4.2 1.0 Housing 11,713 12,057 12,319 2.9 2.2 Apparel and services 1,674 1,743 1,856 4.1 6.5 Transportation 6,616 7,011 7,417 6.0 5.8 Health care 1,903 1,959 2,066 2.9 5.5 Entertainment 1,746 1,891 1,863 8.3 -1.5 Personal insurance and pensions 3,381 3,436 3,365 1.6 -2.1 Other expenditures 3,693 3,868 4,001 4.7 3.4 ______________________________________________________________________________ 1/ Income values are derived from "complete income reporters" only. Consumer Expenditure Survey data include the expenditures and income of consumers, as well as the demographic characteristics of those consumers. A soon-to-be-published report will include tables showing the 2000 data classified by income quintile, income class, size of consumer unit, number of earners, composition of consumer unit, age of the reference person, region of residence, housing tenure, type of area (urban-rural), race, Hispanic origin, occupation, and education. These are standard classifications that have been published in prior reports and bulletins. Other available data Detailed reports that include integrated Consumer Expenditure (CE) Survey data are published at two-year intervals and contain tables of average annual expenditures, income, and characteristics for the same classifications that are shown in the annual report but with additional detail. The most recent two-year report included CE Survey data for 1998 and 1999 and was published in the fall of 2001. Also included in the two-year reports are tables showing average annual data over a two-year period for the following characteristics: income before taxes cross-tabulated by either age, consumer unit size, or region; single consumers by gender cross-tabulated by either income or age; and selected Metropolitan Statistical Areas (MSAs). The two-year report also includes analyses of expenditure data as they apply to various topics of interest. Tables with the same level of detail as shown in the two-year reports are available on the Internet by accessing the BLS site(http://www.bls.gov/cex). Other survey information also is available on the Internet, including answers to frequently asked questions, a glossary, and order forms for survey products. The data are available back to 1984. Variance estimates for integrated Diary and Interview survey data for 2000 will be available upon request. The 2000 Diary and Interview microdata soon will be available on CD-ROM. The Interview files contain expenditure data in two different formats: MTAB files that present monthly values in an item-coding framework based on the CPI pricing scheme, and EXPN files that organize expenditures by the section of the Interview questionnaire in which they are collected. Expenditure values on the EXPN files cover different time periods depending on the specific question asked, and the files also contain relevant non-expenditure information not found on the MTAB files. The Interview and Diary microdata files are available on CD-ROM back to 1990 and for selected earlier years. Tabulations of integrated data for 2000 with more detail than is shown in this news release or in the annual report are included on the CD-ROM. Beginning with the 1996 microdata on CD-ROM, files are available in a choice of either ASCII format or PC SAS datasets. For further information, contact the Division of Consumer Expenditure Surveys, Office of Prices and Living Conditions, Bureau of Labor Statistics, 2 Massachusetts Ave., N.E., Washington, DC 20212-0001 or call 202-691-6900. Information in this release will be made available to sensory impaired individuals upon request. Voice phone: 202-691-5200; TDD message referral phone number: 1-800-877-8339. |