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What is Middle Class Income?


It's that moment again. The moment when you realize that you really need two things: A double-espresso latte with whip cream - and the money to buy the latte. This recurring moment always leads to the same question, "Where did all my money go?" Unfortunately, no matter how long you gaze longingly at your debit card, the money will not magically re-deposit itself into your account. What may be more helpful is identifying where you fit in the Middle Class demographic and, consequently, where statistics say your money may be going. Another helpful fact - you're definitely not alone in your latte-longing plight. Over half of the U.S. population is considered "middle class."

Middle Class Living and Shopping Habits
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Recent studies have analyzed middle class spending habits, average savings, and debt amounts. These stats could help you determine the spending buckets that are consuming your latte money, and funds for other, possibly more essential purchases - like food and toilet paper. In the midst of your latte dilemma, perhaps you're considering a payday loan to help you get back on track and start budgeting. This infographic offers a detailed look at specific spending categories to help you break down your finances as you plan your budget. You'll also find helpful links to additional financial resources.

Share the Facts

The average American spends 5.7% income on dining out. Where does your money go? (tweet this)

Today, 50% of middle class households are considered middle class. (tweet this)

The average American middle class family saves $4000./yr. (tweet this)

Sources:

http://money.usnews.com/money/business-economy/articles/2012/01/06/how-the-savings-rate-could-hobble-the-economic-recovery

http://www.boston.com/business/personalfinance/managingyourmoney/archives/2010/04/how_middle_clas.html

http://www.investopedia.com/financial-edge/0912/which-income-class-are-you.aspx

http://www.npr.org/news/graphics/2012/04/pm-spending/gr-pm-spendingbubbles-462-01.jpg

http://www.spendonlife.com/guide/credit-card-debt-statistics

http://online.wsj.com/article/SB10000872396390444246904577575382576303876.html

http://www.forbes.com/2010/07/08/recession-spending-pew-opinions-columnists-john-zogby.html

http://moneyland.time.com/2010/09/01/two-sides-to-the-new-normal-spending-and-earning-less/#ixzz29sGOE0in