Page 55 - Book8E
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The table below shows the standard living expenses determined by the IRS according to monthly income level. It is used to help determine the amount an individual should have left for monthly debt payments. You might find this table helpful in determining how well you are doing at living within your means compared to other American households.
Average Living Epenses
State
Food:
Housekeeping supplies:
Apparel & services:
Personal care products & services:
Miscellaneous:
Family Size
1 person
$277 $28 $85
$30 $87
2 people
$528 $60 $155
$53 $165
3 people
$626 $61 $209
$58 $197
$1,151
4 people*
$752 $74 $244
$65 $235
$1,370
$507
for each individual in excess of 4.
Total
$961
* Add $262 to the 4 people column
Watch Out for Advertisements Promising Debt Relief
In your efforts to improve your financial situation and relieve yourself of some of the stress caused by financial worries, don’t be tempted by advertisements that offer what sound like a quick fix. Ads promising you debt relief are often really talking about bankruptcy.
Things You Should Know About Bankruptcy 45
