What’s in your weekly budget?
An article in the Daily Telegraph.
It says: “In your weekly budgets, how much do you spend on food, petrol, rent, electricity and childcare?”
The data suggests that you should look at the difference between what you spend and what you earn.
The Daily Telegraph’s data reveals that an average working adult would spend a minimum of $18,700 on food and transport every week, compared with an average of $23,600 per week in the United States.
But, that doesn’t mean you need to cut back on your spending.
“In the past, it was common for people to spend an extra $20 a week or more on food in order to get by,” Professor Denny says.
“This would be quite a bargain if you were a poor working person, but many people today are not poor.
They are employed, middle-class and have higher incomes.”
But Professor Dixie says the data shows that the average working person will actually spend more money on their own expenses, than their parents did.””
When you’re a poor person, you spend less money on basic necessities, like food, fuel, clothes, household items.”
But Professor Dixie says the data shows that the average working person will actually spend more money on their own expenses, than their parents did.
“For most working people, that money would be their savings,” he says.
“They wouldn’t be saving for retirement.
The amount you spend in your week is going to be your savings.”
For those who do spend, Professor Dinda says the average household spends more than $15,000 a year on food.
“The most important thing is that you’re using the money wisely, but it’s also important to look at your lifestyle,” he said.
“People who have more money than they need spend more than those who don’t.
You could be living in a house that’s full of junk, but if you eat out regularly, it could also make a difference.”
“The average working family will spend more on housing than their peers, but they spend more in other areas of their life too.”
The average weekly cost of food is higher than average for most other countries in the world, with New Zealand and Australia being the top two.
The cost of petrol is the biggest cost for working people in Australia, with the average petrol bill for working households at $4,400 a year, while in New Zealand, the average bill for petrol is $2,700 a year.
“In New Zealand we have a very high proportion of people who don, but we also have a lot of people working long hours,” Professor Ritchie says.
But for those who have a flexible working arrangement, the costs can be lower.
A study by the National Institute of Economic and Social Research (NIESR) last year found that people who had worked for an employer for five years were more likely to pay more in taxes than those with two or fewer years’ experience.
“Those people with a high number of years’ work experience were more apt to have higher petrol bills,” Professor Kew says.
This is due to people having to pay higher taxes to cover the higher cost of living in Australia.
“If you have more than four years’ employment, you can expect to pay between $7 and $9 a day,” Professor Toulson says.
The average price of a meal in New York City is about $4.60 per meal, while the average price for a meal at the cheapest Chinese restaurant is $8.60.
“Food prices in New South Wales and Queensland are lower than the national average.
In New South Welsh and Queensland, the cheapest place to eat is at the airport,” Professor Ladd says.
Topics:government-and-politics,business-economics-and/or-finance,housing-industry,business/economics/housing,housing,australiaFirst posted April 01, 2020 14:57:18Contact Sue BrierleyMore stories from New South Australia