How much does the average person spend per month?

How much does the average person spend per month?

According to the latest statistics, the average yearly expenses of a US consumer in 2020 are $61,334. This averages to $5,111 per month. This represents a 2.7 percent fall from 2019, during which average consumer spending in the US was $63,036 – the first decrease in years.

How much should you spend per month?

How much should you save each month? One popular guideline, the 50/30/20 budget, proposes spending 50% of your monthly take-home pay on necessities, 30% on wants and 20% on savings and debt repayment. For example, if you make $4,000 after taxes each month, that works out to $800 for savings and paying off debt.

How much does the average person spend on personal items per month?

Personal care products and services The average annual cost of such items per household is $707 (about $60 per month), according to the Bureau of Labor Statistics’ 2016 Consumer Expenditure Survey.

What is a good budget for a single person?

Try a simple budgeting plan. We recommend the popular 50/30/20 budget to maximize your money. In it, you spend roughly 50% of your after-tax dollars on necessities, no more than 30% on wants, and at least 20% on savings and debt repayment.

How much does the average 25 year old spend per month?

Average American Spending per Day: 25-34 Years Old (Millennials)

Average Daily Spending by Americans 25-34 Years Old
Groceries	$10.89
Housing (Rent/Homeownership)	$34.78
Utilities	$8.89
Health Insurance	$6.19

What is the 50 20 30 budget rule?

The basic rule of thumb is to divide your monthly after-tax income into three spending categories: 50% for needs, 30% for wants and 20% for savings or paying off debt. By regularly keeping your expenses balanced across these main spending areas, you can put your money to work more efficiently.

How much savings should I have at 35?

By the time you are 35, you should have at least 4X your annual expenses saved up. Alternatively, you should have at least 4X your annual expenses as your net worth. In other words, if you spend $60,000 a year to live at age 35, you should have at least $240,000 in savings or have at least a $240,000 net worth.

How much do rich people spend monthly?

Millionaires in the $1–1.99 million range spend $417 per month on groceries. Millionaires in the $2–2.99 range spend $27 less, or $390 per month. Millionaires in the $3–3.99 range spend $361 per month. Millionaires in the $4–4.99 range spend $388 per month.

How much does the average American pay in bills per month?

A breakdown of the typical American household’s bills

Type of bill	Average monthly cost	Percentage of monthly budget
Mortgage	$1,368 $1,368	27%
Rent	$1,129 $1,129	20%
Auto loan	$433 $433	16%
Utilities	$328 $328	13%

How much does the average American make a month?

According to the latest report released by BLS, the median weekly earnings of full-time employees in the US are estimated at $1,003. This amounts to $4,012 in an average month or $52,156 annually. The numbers are based on the earnings of 115.3 million American full-time workers and indicate a 0.7% YoY increase.

How much does a family of 4 spend on clothes per month?

From Credit Donkey: The average person spends around $161 per month on clothes – women spend nearly 76% more than men do on clothing in a year. The average family of four spends around $1800 per year on clothes, with $388 of this on shoes.

What is a realistic monthly budget?

The 50/30/20 rule is a simple way to budget that doesn’t involve a lot of detail and may work for some. That rule suggests you should spend 50% of your after-tax pay on needs, 30% on wants, and 20% on savings and paying off debt.

How much should a single person spend a month?

Monthly Budget

Items	Monthly cost	Spending Percentage
Housing	$1,674	32.8%
Transportation	$813	15.9%
Personal insurance	$608	11.9%
Health care	$414	8.1%

How much savings should I have at 40?

A general rule of thumb is to have one times your annual income saved by age 30, three times by 40, and so on.

How much should 2 people spend on groceries?

If you’re a single adult, depending on your age and sex (the USDA estimates are higher for men and lower for both women and men 71 and older), look to spend between $229 and $419 each month on groceries. For a two-adult household, the figure above will double: $458 to $838.

How do you manage 100K salary?

You should distinguish between short-term and long-term saving goals, and have separate accounts for each.” To put it into context, Gonzalez says, “Ideally, you should start by saving about a quarter of your gross income, and increase with age; with a $100K salary, you should [start by] saving about $2,000 a month.”

How should I budget in my early 20s?

Avoid convoluted spending categories. Simply divide your budget three ways: 50% towards living expenses and essentials (i.e. rent, groceries, utilities), 30% towards flexible lifestyle spending (i.e. entertainment, eating out, travel), and 20% towards your financial goals (i.e. savings, debt payments, investments).