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Budgets, Family and Federal

Here’s an idea for one of those year-long experiment books. What if, for one year, Kate and I modeled our family budget after the federal government’s?

Let’s say we have a household income of $70,000. But we’d have to live beyond our means. Six percent of all our spending (or about $4,410) would go to make minimum payments on old debts. We’d allocate about $1,470 for education related expenses, and we could only spend $640 a year on food. We would allocate 20 percent for our health care and another 20 percent for our parents’ health care.

We wouldn’t have house payments because we own our home free and clear (thanks, British!). But something pretty scary happened to us about a decade ago so we’d have to set aside about $14,700 per year on home security. What kind of home security system could we buy with almost $15,000? “Guns,” Neo said. “Lots of guns.”

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