Mar 28

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Cost of Living: 1963 vs. Now

AAG recently put together a startling cost of living infographic that I came across this week. It was about the rise in the cost of living from 1963 until now. Since I often lament the difference even in the last five years, seeing something that went back over fifty years was even crazier.

aag cost of living infographic

For instance: the average income per year has gone from $4,396 in 1963 to $44,321. While it might seem positive that the income rate has grown so much, all the items we purchase with those paychecks have also increased… so we’re really no farther ahead!

One of my favorite match ups was a new washer/dryer. In 1963 it would be considered a large purchase of $313. Now it’s $1300. The biggest shock to me is that the hourly minimum wage has only changed from $1.25 then to $7.25 now. With so many other large changes for expenses, how can people hope to keep up with only a $6 difference?

It seems like things are getting more and more expensive, especially recently. Seeing this visual made me even more determined to be careful with our money. Being watchful of our necessary expenses, working hard to save, and being wise where we spend are all important to me. Little things like cutting back on trips to the coffee shop or eating out make a big impact in our budget.

When I first started staying home almost four years ago, I worked really hard to utilize coupons to stretch our budget. During different phases over the last four years {when we’ve had two children}, there have been times I’ve been able to be really successful and times I haven’t done as well as I would like.

Being frugal and mindful of our money has become a way of life for us over the past four years. It’s what encourages me that we will have a hope in the future as the economy continue to change and shift.

What item on the infographic shocked you the most?

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