Week in, week out, we all have expenses. Food, bills, car running costs etc. all add up. But as most people don’t discuss their financials it can be difficult to determine whether you are paying more than the average person. Do you know what the norm is for the day to day running cost of an average family in Australia? Or the single person if that’s the case for you?
MoneySmart reviewed the information from the Australian Bureau of Statistics Household Expenditure Survey, 2009-10 and came up with the average total of $1484 for weekly couple with kids under five. A new census is just around the corner and this data is a little out of date now, but it still gives a glimpse of some of the typical cost we all share, averaging out at around…
- Housing cost: $364
- Transport cost: $220
- Food and drinks: $224
- Fuel and power: $28
- Recreation: $132
If you fall into a different category check out the below table and get a feel for where your spending fits in the mix.
The items listed in the above table do not add up to the totals because some categories were not included. The categories not included were household furnishings and equipment, household services and operation, personal care, miscellaneous goods and services and tobacco products. But you can get an idea of those in the below infograph.
Where do you fit on the graph? Are you higher than the average spend or are your costs less because you live in a regional area? Remember this is the average and comparing your expenses to this can give you a basic idea as to whether you’re over spending in certain areas and might need to find some savings and tweak your budgets.
If you’re facing financial hardship we are here to talk about a solution. Call us on 1300 887 211 or Book a Free No Obligation Phone Consultation with our friendly team and we can discuss debt management options specially focused on your personal situation.