![]() Many people drive cars that are too expensive, or they simply drive too much. Regarding transportation, you generally have a bit more say over how much you spend every month. If you shop wisely, you should be able to buy enough food on a budget to last you through the month.Įat healthily, be smart about ordering out, and your food budget should stay in check. For example, you can use coupons or buy in bulk from a wholesale club like BJ’s, Costco, or Sam’s Club to lower the average cost of food, or you can limit the amount of take-out you order monthly and learn how to stop eating out. If you’re spending more than this on food every month, you should reconsider your grocery shopping strategy and look for ways to cut back.Ĭhances are there are some small things you can do to reduce your food bills. Food Costs: $9,343įood is expensive, but you have to eat to live! Most people typically allocate roughly 10% of their income to their food budget. This includes rent or mortgage payments, property taxes, homeowners insurance, mortgage insurance (if you can’t afford a 20% down payment), renters insurance, utilities, and maintenance and repairs. The general rule of thumb is that housing shouldn’t take up more than 30% of your gross earnings or what you make before taxes. So in some cases, you may feel justified in spending more money on housing, especially if you have a decent job that pays well. You should feel safe, comfortable, and happy where you live. If you overspend on your first apartment, you could fall into debt trying to make monthly payments, setting you back years financially.Īt the same time, housing is important. After that, you may buy a condo or apartment and eventually buy a house. Ideally, there should be a progression where your first apartment sets you up to move to a nicer apartment. It’s important to be selective about where you live to keep your costs down. It’s a basic necessity, and chances are it’s your highest monthly cost. Unless you have the luxury of living in an inherited home or with your parents, you must pay for housing. Let’s take a closer look at these top spending categories.Īverage Living Expenses by Category 1. Transportation is the average person’s next highest expense at an average monthly cost of around $1,024 (roughly 13% of the average household income). Annually, that amounts to about $73,000.īy far, housing is the most expensive cost for most people, with an average cost of around $2,077 a month (around 26% of a typical family’s income). Bureau of Labor Statistics (BLS), the average American household spends about $6,080 each month. In This Article How Much an Average American SpendsĪccording to a recent Consumer Expenditure Survey from the U.S. We’ll also examine the most significant factors contributing to your monthly spending. ![]() ![]() This article explores the average monthly expenses for one person. ![]() Your location, lifestyle, job, and family size greatly affect your monthly expenses.Īs such, it can be challenging to see how you stack up against others-especially when it comes to monthly budgeting.Ĭomparing your monthly expenses to the average American can help you understand where your money is going and if you’re on track. This does not influence our recommendations or editorial integrity, but it does help us keep the site running.Įverybody has a unique financial situation. At no extra cost to you, some or all of the products featured below are from partners who may compensate us for your click. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |