Average household budget percentages4/5/2024 ![]() One way some people afford living expenses without going into debt can be having a side hustle. The vast majority of budgeters in the survey said the practice got them out of debt or kept them from going into debt. More than eight in 10 Americans surveyed by in 2023 reported they budgeted their money, a number that’s been trending upward since 2018. Another big spending category was food, to which 10 percent was devoted. Average American household expensesĪccording to the BLS survey, the largest expenditures were housing and transportation, which comprised 26 percent and 13 percent of people’s pay, respectively. What’s more, more than two-thirds of Americans (68 percent) said that when it comes to saving for unplanned expenses, inflation is causing them to save less, according to the same survey. adults say they have enough emergency savings to cover at least three months’ worth of expenses, a Bankrate survey found. ![]() Labor costs increased due to a shortage of workers, and consumer demand was high, causing businesses to increase prices.Īlthough inflation has cooled somewhat, prices remain high, which impacts people’s ability to save. In the aftermath of the COVID-19 pandemic, inflation reached 40-year highs as demand increased thanks to stimulus checks, low interest rates and government spending, while the economy slowed due to shutdowns. Percent of people’s income devoted to living expenses Increase in household expenditures from 2020 Average 2022 household earning and expenditure statistics Significant expenditures were housing, transportation and food. Bureau of Labor Statistics (BLS), lists the average amount spent in various categories. The average household earned $94,003 in 2022 before taxes and spent $72,967, according to a survey by the most recent Consumer Expenditure Survey. You can take stock of how your own budget compares by looking at the average American household budget. In fact, 63 percent of financially insecure Americans say high inflation is keeping them from being financially comfortable or secure, a recent Bankrate survey found. Inflation is cooling down from its 40-year-high in 2022, yet prices are still uncomfortably high, leaving consumers with less money in their budgets for such financial matters as savings and debt repayment. ![]() Other items commonly found in household budgets include education, child care, health care, retirement savings and entertainment. Many Americans spend a pretty penny each month to keep a roof over their heads, food on the table and a means of transportation. ![]()
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