Traditional economic indicators often fail to fully reflect the true cost of meeting basic needs or the rapid rate at which these costs rise, obscuring critical insights into local and national economic realities. To address this gap, United For ALICE offers a more accurate picture of what it takes for households to live and work in today's economy across every county in Texas. By providing three essential budget models tailored to various household types, we help uncover the real financial challenges faced by families.
The minimal estimate for the total cost of household essentials includes housing, childcare, food, transportation, healthcare, a smartphone plan, taxes, and a small contingency fund equal to 10% of the overall budget. This estimate provides a clearer picture of what it takes for families to cover basic needs and prepare for unexpected expenses.
The Senior Household Survival Budget adjusts for the unique financial realities of older adults. It takes into account lower food costs, reduced commuting distances for work and family obligations, and the rising health-related expenses, including out-of-pocket costs for medical care.
This model offers a more realistic approach to budgeting, accounting for the rising costs of maintaining a stable household over time. It includes a 10% savings category, designed to help families prepare for emergencies, invest in additional education, or work toward homeownership. By planning for both immediate needs and long-term goals, this model supports greater financial stability and future security.
