An interesting exercise – here’s my results:
Rural (CO) – One Parent, One Child
- Monthly Housing $774
- Monthly Food $369
- Monthly Child Care $728
- Monthly Transportation $570
- Monthly Health Care $1000
- Monthly Other Necessities $292
- Monthly Taxes $399
- Monthly Total $4132
- Annual Total $49581
Does anyone else find it curious that Taxes and Healthcare combined result in more expenditure than Housing and Food?
What follows is a Family Budge Calculator put out by the Economic Policy Institute. www.epi.org/resources/budget/ The example shown here is for a two parent family with two children living in the capital city of New Jersey, Trenton. A typical family there needs over $75,000 in income per year to be financially secure. That means each parent would have to work full-time and be making at least $18/hour. Or, if only one parent worked, they would need to be pulling in $36/hour for their family to be financially secure. This is a long ways from minimum wage.
Family Budget Calculator
EPI’s Family Budget Calculator measures the income a family needs in order to attain a secure yet modest living standard by estimating community-specific costs of housing, food, child care, transportation, health care, other necessities, and taxes. The budgets, updated for 2013, are calculated for 615 U.S. communities and six family types…
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