British and Canadians--what percentage of your income is spent on transportation
@desertdarlene (8910)
United States
June 6, 2011 8:27am CST
I know that in Great Britain and Canada the cost of gas is much higher than in the United States. Also, I think there are more car taxes, too, but I'm not sure.
I've heard a lot of stories of people spending up to 30% of their income on transportation in the United States. This doesn't include the jump in food prices when fuel costs increase. I think experts recommend that transportation should be about 10% of income or less. I spend about 10% on transportation, maybe a little less, if you don't include my car payment. With my car payment, I probably spend about 20-25% on transportation.
So, how much of your income is spent on transportation outside of the United States?
2 responses
@kenzie45230 (3560)
• United States
6 Jun 11
For me, not much. I drive less than 3,000 miles per year and have a car that is 19 years old. Perhaps it costs me about $700 per year to maintain, license and insure. Hubby spends more because he drives 35 miles to and 35 miles from work every day. We still don't have a car payment with his car, though, since it's a 2005 model and paid off long ago. In all, I doubt we're spending more than 10% of our income on transportation costs.
@desertdarlene (8910)
• United States
6 Jun 11
Wow, 35 miles each way! I used to have that kind of commute before, but I had a really fuel efficient (new-ish) car and gas was really cheap at that time, so it didn't put that much of a financial burden on me.
1 person likes this
@kenzie45230 (3560)
• United States
6 Jun 11
Where most Americans have a problem is in housing costs. Wise people spend no more than 25% on housing (including utilities) and today many Americans spend 50% of their income on those. Also, the average American has over $8,000 in credit card debt. Thankfully, we've kept our shelter costs to about 30% and have no credit card debt.
@kenzie45230 (3560)
• United States
6 Jun 11
Yeah. You never know how long it will take because of traffic. He does get about 30 miles per gallon. And some days he and another guy can carpool and the company pays them to carpool and gives carpoolers the best parking spots in an underground parking garage.
