This is equal to $92,989 and more than any other size family’s expenses. The average monthly expense for a family of four in the US is $7,749. What are the average monthly expenses for a family of four in the US? It also helps you manage your expenses, so you can determine whether or not you’re spending too much and if you need to trim down what you’re spending. For example, if you made $50,000 per year, this plan would allow you to save $10,000 in that same year. This plan would put you well above the pack when it comes to savings, as only 16% of Americans save more than 15% of their annual income. This rule is a budgeting plan where 50% of your income is spent on needs, 30% on wants, and 20% goes into your savings. The average individual only spends 55% of their total income on expenses, while the average household can spend up to 82%.Ī reasonable monthly budget should follow the 50-30-20 rule. Individuals also sacrifice less of their income, on average, to expenses than larger households. This equates to approximately $40,859, which is considerably less than households with two or more people. Monthly expenses for a single person in the US are around $3,405. How much are monthly living expenses for a single person? More specifically, utilities and fuel for housing cost an average of $352 per month, while filling the tank of your car costs an average of $179 per month.Īmericans spend $64 dollars per month on their pets.Īs it turns out, cat foods might cost upwards of $770 per year, even without professional grooming for the cat show.Ĭlothing and associated costs lead to an average of $146 in expenses per month.Īnd considering the fact that the cost of clothing has increased significantly since 2020, spending on clothing can easily harm your budget in 2023. Here are some additional and interesting facts about where our money goes:Īmericans spend an average of $46 per month on alcoholic beverages.īetween that and the $28 spent on tobacco and smoking products, Americans spend more money (on average) on these products over personal care ($64).Īmericans spend a whopping average of $531 per month on home and vehicle fuels. Some of these expenses are unavoidable, while others are for our own entertainment and recreation. Other housing-related expenses include:Īs Americans, we spend a lot of money per month. Mortgage payments alone cost the average person $1,105, making it the largest contributor to why housing is so expensive. The average household spends 17% of their income on mortgage payments. This often comes down to an increased likelihood of having a mortgage and other debts. The average American household spends 82% of its income on expenses.ĭespite making more money on average, American households have far more expenses than the average individual. This means individuals often sacrifice less of their income in expenses when compared to families and households. The average monthly personal income for Americans is $6,228, with the average personal expense being $3,405 per month. The average individual spends 55% of their monthly income on expenses. The average monthly household expenses for a family of four are $7,749.įamilies of four have the highest average monthly household expenses, even higher than a family of five or more, which average out at $7,400.Īverage Monthly Household Expenses By Family Size That’s a whopping 75.7% of the average yearly income of $87,432, meaning the average American household only keeps a meager $20,500 of their total income per year. The average annual spending for American households is $66,928. To find out more about typical spending, here are some key facts: Over 75% of American incomes are devoted to living expenses.Īverage monthly spending and average annual spending are intrinsically connected, with costs adding up over time. The number one category of spending for US households is housing, with the average cost being $1,885 or over 33% (one-third) of total spending. According to our extensive research:Īverage monthly personal expenses in the US are $3,405.Īverage monthly household expenses in the US are $5,577. To learn more about average household monthly expenses in the US, we’ve gathered all of the latest statistics. Research Summary: Ever wonder how your average spending per month stacks up against other Americans? The fact is that most of our average monthly expenses are common and unavoidable, but that doesn’t mean you won’t be surprised by how much you’re actually spending.
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